KLP Kapitalforvaltning AS Makes New $18.42 Million Investment in Public Storage (NYSE:PSA)

KLP Kapitalforvaltning AS purchased a new position in shares of Public Storage (NYSE:PSA) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 61,514 shares of the real estate investment trust’s stock, valued at approximately $18,420,000.

A number of other institutional investors have also recently bought and sold shares of the business. Doliver Advisors LP boosted its stake in Public Storage by 2.6% during the fourth quarter. Doliver Advisors LP now owns 1,446 shares of the real estate investment trust’s stock worth $433,000 after buying an additional 36 shares in the last quarter. Brooklyn Investment Group boosted its stake in Public Storage by 3.4% during the fourth quarter. Brooklyn Investment Group now owns 1,152 shares of the real estate investment trust’s stock worth $345,000 after buying an additional 38 shares in the last quarter. Werba Rubin Papier Wealth Management boosted its stake in Public Storage by 1.7% during the fourth quarter. Werba Rubin Papier Wealth Management now owns 2,275 shares of the real estate investment trust’s stock worth $681,000 after buying an additional 38 shares in the last quarter. Continuum Advisory LLC boosted its stake in Public Storage by 7.6% during the third quarter. Continuum Advisory LLC now owns 549 shares of the real estate investment trust’s stock worth $182,000 after buying an additional 39 shares in the last quarter. Finally, TD Private Client Wealth LLC boosted its stake in Public Storage by 2.4% during the third quarter. TD Private Client Wealth LLC now owns 1,695 shares of the real estate investment trust’s stock worth $617,000 after buying an additional 39 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analysts Set New Price Targets

PSA has been the topic of a number of recent research reports. Scotiabank decreased their price target on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 5th. Truist Financial cut their price objective on Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a report on Tuesday, March 18th. Wells Fargo & Company cut their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Royal Bank of Canada cut their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a report on Wednesday, February 26th. Finally, Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and lifted their price objective for the company from $298.00 to $299.00 in a report on Friday, January 10th. Seven analysts have rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $338.00.

Public Storage Stock Down 1.8 %

Shares of NYSE PSA opened at $291.19 on Monday. The firm’s 50-day simple moving average is $299.96 and its 200 day simple moving average is $321.83. The company has a market cap of $51.08 billion, a price-to-earnings ratio of 30.24, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. 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.

Public Storage Dividend Announcement

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