Public Storage (NYSE:PSA) Shares Sold by Goldman Sachs Group Inc.

Goldman Sachs Group Inc. decreased its holdings in Public Storage (NYSE:PSAFree Report) by 9.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 642,116 shares of the real estate investment trust’s stock after selling 63,541 shares during the quarter. Goldman Sachs Group Inc. owned 0.37% of Public Storage worth $195,846,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in PSA. Norges Bank acquired a new position in Public Storage in the fourth quarter worth approximately $821,151,000. JPMorgan Chase & Co. grew its position in Public Storage by 29.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock worth $835,032,000 after purchasing an additional 729,262 shares in the last quarter. Lazard Asset Management LLC grew its position in Public Storage by 555.6% during the 3rd quarter. Lazard Asset Management LLC now owns 615,154 shares of the real estate investment trust’s stock worth $162,104,000 after purchasing an additional 521,322 shares in the last quarter. Invesco Ltd. grew its position in Public Storage by 29.0% during the 3rd quarter. Invesco Ltd. now owns 1,141,415 shares of the real estate investment trust’s stock worth $300,786,000 after purchasing an additional 256,326 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Public Storage by 8.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,687,170 shares of the real estate investment trust’s stock worth $794,161,000 after purchasing an additional 216,331 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Down 0.8 %

PSA stock opened at $273.84 on Friday. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.54. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. The company has a 50-day moving average of $273.05 and a two-hundred day moving average of $280.45. The stock has a market capitalization of $48.12 billion, a price-to-earnings ratio of 24.87, a price-to-earnings-growth ratio of 3.86 and a beta of 0.63.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.38%. The ex-dividend date of this dividend is Wednesday, June 12th. Public Storage’s dividend payout ratio (DPR) is 108.99%.

Insider Buying and Selling at Public Storage

In related news, Director Kristy Pipes bought 2,149 shares of Public Storage stock in a transaction that occurred on Tuesday, May 14th. The stock was acquired at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the purchase, the director now owns 2,149 shares in the company, valued at $599,485.04. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 11.00% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on PSA. Raymond James upgraded shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective on the stock in a research report on Thursday, March 28th. BMO Capital Markets boosted their price target on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a report on Tuesday, March 19th. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $280.00 to $310.00 in a report on Friday, April 5th. Barclays lowered their price target on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a report on Monday, May 20th. Finally, Scotiabank boosted their price target on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a report on Monday, March 18th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $304.75.

View Our Latest Stock Analysis on Public Storage

About Public Storage

(Free Report)

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.

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Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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