CIBC Private Wealth Group LLC Sells 114 Shares of Public Storage (NYSE:PSA)

CIBC Private Wealth Group LLC lessened its holdings in shares of Public Storage (NYSE:PSA) by 11.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 916 shares of the real estate investment trust’s stock after selling 114 shares during the period. CIBC Private Wealth Group LLC’s holdings in Public Storage were worth $271,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank bought a new position in Public Storage in the fourth quarter valued at approximately $931,286,000. Amundi lifted its position in Public Storage by 54.0% in the 4th quarter. Amundi now owns 779,882 shares of the real estate investment trust’s stock valued at $230,426,000 after acquiring an additional 273,486 shares in the last quarter. Aew Capital Management L P boosted its stake in Public Storage by 108.6% in the 4th quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust’s stock worth $131,574,000 after purchasing an additional 228,740 shares during the period. Proficio Capital Partners LLC acquired a new position in Public Storage in the 4th quarter worth $66,253,000. Finally, Raymond James Financial Inc. bought a new position in Public Storage during the 4th quarter worth about $56,164,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Down 3.6 %

Shares of PSA stock opened at $284.00 on Friday. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The stock has a market cap of $49.82 billion, a price-to-earnings ratio of 29.49, a PEG ratio of 4.91 and a beta of 0.73. The firm’s 50-day moving average is $300.05 and its 200-day moving average is $317.76. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were given a $3.00 dividend. The ex-dividend date was Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.23%. Public Storage’s payout ratio is 112.89%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PSA shares. Royal Bank of Canada reduced their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 26th. Truist Financial reduced their price target on Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a research report on Tuesday, March 18th. Wells Fargo & Company lowered their price objective on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and increased their target price for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Barclays reaffirmed an “overweight” rating and issued a $354.00 target price (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Seven investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and an average price target of $338.73.

Public Storage Company Profile

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At December 31, 2023, we had: (i) interests in 3,044 self-storage facilities located in 40 states with approximately 218 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 275 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.