Ontario Teachers Pension Plan Board Sells 2,160 Shares of Public Storage (NYSE:PSA)

Ontario Teachers Pension Plan Board lessened its position in shares of Public Storage (NYSE:PSA) by 21.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 8,014 shares of the real estate investment trust’s stock after selling 2,160 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Public Storage were worth $2,400,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of PSA. Cohen & Steers Inc. increased its holdings in Public Storage by 12.3% in the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust’s stock worth $1,626,731,000 after purchasing an additional 592,944 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Public Storage by 2.0% during the fourth 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 purchasing an additional 78,472 shares during the period. Norges Bank bought a new position in shares of Public Storage during the 4th quarter worth about $931,286,000. Invesco Ltd. grew its stake in shares of Public Storage by 2.6% in the 4th quarter. Invesco Ltd. now owns 1,099,249 shares of the real estate investment trust’s stock valued at $329,159,000 after buying an additional 27,693 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Public Storage by 2.0% in the 4th quarter. Bank of New York Mellon Corp now owns 1,097,640 shares of the real estate investment trust’s stock valued at $328,677,000 after buying an additional 21,165 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Ratings Changes

PSA has been the topic of a number of recent research reports. Royal Bank of Canada cut their target price on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. Scotiabank raised shares of Public Storage from a “sector perform” rating to a “sector outperform” rating and dropped their price objective for the company from $333.00 to $305.00 in a research note on Wednesday, April 9th. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and boosted their target price for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Mizuho initiated coverage on Public Storage in a research note on Wednesday, April 9th. They issued a “neutral” rating and a $287.00 price objective for the company. Finally, Truist Financial raised Public Storage from a “hold” rating to a “buy” rating and set a $310.00 target price on the stock in a research report on Thursday, April 10th. Six research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $332.08.

Public Storage Price Performance

Shares of PSA opened at $288.47 on Tuesday. The firm has a market cap of $50.60 billion, a PE ratio of 29.96, a P/E/G ratio of 4.91 and a beta of 0.76. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. The firm has a fifty day simple moving average of $296.81 and a two-hundred day simple moving average of $313.14.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.16%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage’s dividend payout ratio is presently 112.89%.

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.