Renaissance Group LLC Decreases Stake in Public Storage (NYSE:PSA)

Renaissance Group LLC cut its stake in shares of Public Storage (NYSE:PSA) by 4.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 766 shares of the real estate investment trust’s stock after selling 39 shares during the period. Renaissance Group LLC’s holdings in Public Storage were worth $227,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Geode Capital Management LLC grew its position in shares of Public Storage by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust’s stock valued at $1,197,769,000 after acquiring an additional 78,472 shares during the period. Norges Bank acquired a new position in shares of Public Storage in the fourth quarter worth $931,286,000. Invesco Ltd. grew its stake in shares of Public Storage by 2.6% in the fourth quarter. Invesco Ltd. now owns 1,099,249 shares of the real estate investment trust’s stock worth $329,159,000 after acquiring an additional 27,693 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Public Storage by 2.0% during the fourth quarter. Bank of New York Mellon Corp now owns 1,097,640 shares of the real estate investment trust’s stock worth $328,677,000 after purchasing an additional 21,165 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of Public Storage by 25.5% during the fourth quarter. Russell Investments Group Ltd. now owns 999,426 shares of the real estate investment trust’s stock worth $299,006,000 after purchasing an additional 202,944 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on PSA shares. Royal Bank of Canada cut their price target on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a report on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and lifted their target price for the company from $298.00 to $299.00 in a report on Friday, January 10th. Wells Fargo & Company dropped their target price on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Mizuho started coverage on shares of Public Storage in a research report on Wednesday. They issued a “neutral” rating and a $287.00 target price for the company. Finally, Truist Financial reduced their price target on shares of Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a research note on Tuesday, March 18th. Seven research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $332.08.

Public Storage Price Performance

PSA opened at $282.35 on Thursday. The firm’s fifty day moving average price is $297.78 and its two-hundred day moving average price is $315.04. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $49.53 billion, a price-to-earnings ratio of 29.32, a P/E/G ratio of 4.91 and a beta of 0.76. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.25%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage’s payout ratio is 112.89%.

Public Storage 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.