Sei Investments Co. Grows Holdings in Public Storage (NYSE:PSA)

Sei Investments Co. raised its position in Public Storage (NYSE:PSA) by 25.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 424,994 shares of the real estate investment trust’s stock after buying an additional 86,628 shares during the period. Sei Investments Co. owned about 0.24% of Public Storage worth $127,261,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PSA. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Public Storage by 732.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock valued at $561,763,000 after buying an additional 1,358,493 shares in the last quarter. Adelante Capital Management LLC grew its position in shares of Public Storage by 389.9% in the third quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock valued at $532,465,000 after purchasing an additional 1,164,630 shares during the period. FMR LLC grew its position in shares of Public Storage by 20.9% in the third quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock valued at $1,828,763,000 after purchasing an additional 869,066 shares during the period. Daiwa Securities Group Inc. grew its position in shares of Public Storage by 57.3% in the third quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust’s stock valued at $405,278,000 after purchasing an additional 405,847 shares during the period. Finally, Amundi grew its position in shares of Public Storage by 54.0% in the fourth quarter. Amundi now owns 779,882 shares of the real estate investment trust’s stock valued at $230,426,000 after purchasing an additional 273,486 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of PSA stock opened at $291.19 on Friday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The firm’s 50-day moving average is $299.96 and its two-hundred day moving average is $321.98. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The company has a market capitalization of $51.08 billion, a PE ratio of 30.24, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date is Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is presently 112.89%.

Analysts Set New Price Targets

PSA has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and lifted their target price for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Truist Financial dropped their target price on shares of Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a research report on Tuesday, March 18th. Wells Fargo & Company dropped their target price on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Scotiabank dropped their target price on shares of 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, Royal Bank of Canada dropped their target price on shares of 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. Seven analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus target price of $338.00.

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.