Alliancebernstein L.P. Acquires 3,596 Shares of Public Storage (NYSE:PSA)

Alliancebernstein L.P. raised its stake in Public Storage (NYSE:PSA) by 0.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 483,735 shares of the real estate investment trust’s stock after buying an additional 3,596 shares during the quarter. Alliancebernstein L.P. owned about 0.28% of Public Storage worth $144,850,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Meeder Asset Management Inc. boosted its stake in Public Storage by 1,360.5% in the 4th quarter. Meeder Asset Management Inc. now owns 1,256 shares of the real estate investment trust’s stock worth $376,000 after purchasing an additional 1,170 shares during the period. Hazlett Burt & Watson Inc. lifted its holdings in shares of Public Storage by 2,710.0% in the fourth quarter. Hazlett Burt & Watson Inc. now owns 281 shares of the real estate investment trust’s stock valued at $84,000 after purchasing an additional 271 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its position in shares of Public Storage by 39.1% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 27,000 shares of the real estate investment trust’s stock worth $8,085,000 after buying an additional 7,589 shares during the period. Physician Wealth Advisors Inc. bought a new position in shares of Public Storage during the fourth quarter worth about $125,000. Finally, Schroder Investment Management Group raised its position in Public Storage by 9.1% in the 4th quarter. Schroder Investment Management Group now owns 327,243 shares of the real estate investment trust’s stock valued at $96,802,000 after buying an additional 27,184 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PSA. Truist Financial decreased 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. Barclays reiterated an “overweight” rating and issued a $354.00 price target (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Royal Bank of Canada reduced their price objective 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. Wells Fargo & Company lowered their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Finally, Scotiabank reduced their price target on Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research report on Wednesday, March 5th. Seven equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $338.73.

Public Storage Stock Performance

PSA opened at $299.02 on Wednesday. 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 has a 12-month low of $256.31 and a 12-month high of $369.99. The business has a 50 day moving average of $300.01 and a 200-day moving average of $318.91. The stock has a market cap of $52.45 billion, a price-to-earnings ratio of 31.05, a PEG ratio of 4.91 and a beta of 0.73.

Public Storage Dividend Announcement

The firm 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 4.01%. The ex-dividend date was Thursday, March 13th. Public Storage’s dividend payout ratio is 112.89%.

About Public Storage

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.