Public Storage (NYSE:PSA) Shares Acquired by Cohen & Steers Inc.

Cohen & Steers Inc. lifted its stake in shares of Public Storage (NYSE:PSA) by 12.3% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 5,433,001 shares of the real estate investment trust’s stock after buying an additional 592,944 shares during the quarter. Public Storage comprises about 3.1% of Cohen & Steers Inc.’s investment portfolio, making the stock its 10th biggest position. Cohen & Steers Inc.’s holdings in Public Storage were worth $1,626,731,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Doliver Advisors LP grew its position in shares of Public Storage by 2.6% in the fourth quarter. Doliver Advisors LP now owns 1,446 shares of the real estate investment trust’s stock valued at $433,000 after purchasing an additional 36 shares during the last quarter. Brooklyn Investment Group boosted its stake in Public Storage by 3.4% in the 4th quarter. Brooklyn Investment Group now owns 1,152 shares of the real estate investment trust’s stock valued at $345,000 after purchasing an additional 38 shares during the period. Werba Rubin Papier Wealth Management grew its holdings in Public Storage by 1.7% in the 4th quarter. Werba Rubin Papier Wealth Management now owns 2,275 shares of the real estate investment trust’s stock valued at $681,000 after buying an additional 38 shares in the last quarter. Premier Path Wealth Partners LLC increased its position in Public Storage by 3.4% during the 4th quarter. Premier Path Wealth Partners LLC now owns 1,221 shares of the real estate investment trust’s stock worth $366,000 after buying an additional 40 shares during the period. Finally, Global X Japan Co. Ltd. lifted its holdings in shares of Public Storage by 13.7% during the fourth quarter. Global X Japan Co. Ltd. now owns 333 shares of the real estate investment trust’s stock worth $100,000 after buying an additional 40 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of Public Storage stock opened at $279.95 on Monday. The company’s 50 day moving average price is $297.08 and its two-hundred day moving average price is $313.61. The firm has a market capitalization of $49.11 billion, a P/E ratio of 29.07, a P/E/G ratio of 4.91 and a beta of 0.76. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were given a dividend of $3.00 per share. The ex-dividend date was Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.29%. Public Storage’s dividend payout ratio is currently 112.89%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Scotiabank upgraded shares of Public Storage from a “sector perform” rating to a “sector outperform” rating and decreased their price target for the company from $333.00 to $305.00 in a research note on Wednesday, April 9th. Barclays restated an “overweight” rating and set a $354.00 target price (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Wells Fargo & Company dropped their price target 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. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and increased their price target for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Finally, Mizuho started coverage on Public Storage in a research report on Wednesday, April 9th. They set a “neutral” rating and a $287.00 target price for the company. Six research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $332.08.

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.