Maryland State Retirement & Pension System Sells 591 Shares of Public Storage (NYSE:PSA)

Maryland State Retirement & Pension System trimmed its holdings in shares of Public Storage (NYSE:PSA) by 6.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,445 shares of the real estate investment trust’s stock after selling 591 shares during the period. Maryland State Retirement & Pension System’s holdings in Public Storage were worth $2,529,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Quent Capital LLC grew its holdings in Public Storage by 135.1% during the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 50 shares in the last quarter. Prospera Private Wealth LLC bought a new stake in Public Storage in the third quarter valued at approximately $34,000. Synergy Asset Management LLC bought a new stake in Public Storage in the fourth quarter valued at approximately $38,000. Toth Financial Advisory Corp lifted its position in 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 valued at $61,000 after purchasing an additional 66 shares during the last quarter. Finally, Parkworth Wealth Management Inc. bought a new position in shares of Public Storage during the fourth quarter valued at approximately $67,000. 78.79% of the stock is currently owned by institutional investors.

Public Storage Trading Up 0.2 %

PSA opened at $296.12 on Friday. The firm has a market cap of $51.94 billion, a price-to-earnings ratio of 30.75, a PEG ratio of 4.91 and a beta of 0.73. 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 12 month low of $256.31 and a 12 month high of $369.99. The stock has a fifty day moving average price of $299.91 and a 200-day moving average price of $322.48.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.05%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage’s payout ratio is 112.89%.

Analyst Ratings Changes

PSA has been the subject of a number of recent analyst reports. Barclays restated an “overweight” rating and set a $354.00 target price (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Truist Financial cut their target price on Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a research note on Tuesday. Royal Bank of Canada dropped their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 26th. Scotiabank dropped their price objective on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research report on Wednesday, March 5th. Finally, 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 report on Friday, February 21st. Seven investment analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned 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 $338.00.

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.