Public Storage (NYSE:PSA) Shares Sold by American Century Companies Inc.

American Century Companies Inc. reduced its position in shares of Public Storage (NYSE:PSA) by 19.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 662,748 shares of the real estate investment trust’s stock after selling 161,737 shares during the period. American Century Companies Inc. owned about 0.38% of Public Storage worth $198,454,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Quent Capital LLC increased its stake in shares of Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 50 shares during the last quarter. Prospera Private Wealth LLC bought a new stake in shares of Public Storage in the third quarter worth $34,000. Synergy Asset Management LLC bought a new stake in shares of Public Storage in the fourth quarter worth $38,000. Millstone Evans Group LLC bought a new stake in shares of Public Storage in the fourth quarter worth $38,000. Finally, Toth Financial Advisory Corp increased its stake in shares of Public Storage by 48.2% in the fourth quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock worth $61,000 after buying an additional 66 shares during the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PSA has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and lifted their price target for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Wells Fargo & Company lowered 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 note on Friday, February 21st. Barclays reiterated an “overweight” rating and set a $354.00 target price (down previously from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Truist Financial lowered their target price 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. Finally, Royal Bank of Canada lowered their target price on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 26th. Seven investment analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $338.00.

Public Storage Stock Performance

PSA stock opened at $291.19 on Friday. The company has a market capitalization of $51.08 billion, a P/E ratio of 30.24, a PEG ratio of 4.91 and a beta of 0.73. The company has a 50-day simple moving average of $299.96 and a 200 day simple moving average of $321.98. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.12%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage’s payout ratio is currently 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.