Franklin Resources Inc. Sells 5,026 Shares of Public Storage (NYSE:PSA)

Franklin Resources Inc. lowered its stake in shares of Public Storage (NYSE:PSA) by 6.4% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 73,132 shares of the real estate investment trust’s stock after selling 5,026 shares during the quarter. Franklin Resources Inc.’s holdings in Public Storage were worth $21,899,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Family Legacy Inc. increased its position in shares of Public Storage by 1.9% in the fourth quarter. Family Legacy Inc. now owns 3,140 shares of the real estate investment trust’s stock worth $928,000 after purchasing an additional 60 shares during the period. Rodgers Brothers Inc. bought a new stake in shares of Public Storage during the 4th quarter worth approximately $1,333,000. Alliancebernstein L.P. increased its stake in shares of Public Storage by 0.7% in the 4th quarter. Alliancebernstein L.P. now owns 483,735 shares of the real estate investment trust’s stock valued at $144,850,000 after purchasing an additional 3,596 shares during the last quarter. Meeder Asset Management Inc. raised its holdings in shares of Public Storage by 1,360.5% during the 4th quarter. Meeder Asset Management Inc. now owns 1,256 shares of the real estate investment trust’s stock worth $376,000 after buying an additional 1,170 shares in the last quarter. Finally, Hazlett Burt & Watson Inc. lifted its position in shares of Public Storage by 2,710.0% during the 4th quarter. Hazlett Burt & Watson Inc. now owns 281 shares of the real estate investment trust’s stock worth $84,000 after buying an additional 271 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Trading Down 3.6 %

Shares of PSA stock opened at $284.00 on Monday. The stock has a 50-day moving average of $300.05 and a 200-day moving average of $317.46. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock has a market cap of $49.82 billion, a price-to-earnings ratio of 29.49, a PEG ratio of 4.91 and a beta of 0.76. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99.

Public Storage Dividend Announcement

The company 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. The ex-dividend date was Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 4.23%. Public Storage’s payout ratio is 112.89%.

Analysts Set New Price Targets

Several research analysts have commented on PSA shares. Scotiabank lowered their target price on Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research note on Wednesday, March 5th. Truist Financial lowered their price objective on shares of Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a research report on Tuesday, March 18th. Barclays restated an “overweight” rating and issued a $354.00 target price (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Wells Fargo & Company lowered their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Finally, Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and boosted their price objective for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Seven analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $338.73.

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.