Nomura Holdings Inc. Takes Position in Public Storage (NYSE:PSA)

Nomura Holdings Inc. acquired a new position in shares of Public Storage (NYSE:PSA) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 28,091 shares of the real estate investment trust’s stock, valued at approximately $8,568,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. grew its holdings in shares of Public Storage by 29.9% during the third quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock valued at $835,032,000 after purchasing an additional 729,262 shares during the last quarter. Norges Bank acquired a new position in shares of Public Storage during the fourth quarter valued at $821,151,000. Charles Schwab Investment Management Inc. grew its position in shares of Public Storage by 8.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,687,170 shares of the real estate investment trust’s stock worth $794,161,000 after acquiring an additional 216,331 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Public Storage by 2.8% in the 3rd quarter. Northern Trust Corp now owns 2,311,981 shares of the real estate investment trust’s stock worth $609,253,000 after acquiring an additional 63,289 shares during the period. Finally, APG Asset Management US Inc. lifted its position in Public Storage by 4.7% in the 4th quarter. APG Asset Management US Inc. now owns 2,074,617 shares of the real estate investment trust’s stock valued at $632,758,000 after purchasing an additional 93,122 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Price Performance

NYSE PSA opened at $291.45 on Wednesday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. The firm has a market capitalization of $51.22 billion, a P/E ratio of 26.47, a PEG ratio of 3.96 and a beta of 0.63. The company has a 50-day moving average price of $272.48 and a 200-day moving average price of $281.93. Public Storage has a 52 week low of $233.18 and a 52 week high of $312.25.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th will be issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date is Wednesday, June 12th. Public Storage’s dividend payout ratio (DPR) is 108.99%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $280.00 to $310.00 in a research note on Friday, April 5th. BMO Capital Markets lifted their target price on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target on the stock in a report on Thursday, March 28th. Barclays reduced their price objective on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a report on Monday, May 20th. Finally, Scotiabank raised their target price on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research note on Monday, March 18th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $303.00.

Insider Activity

In other news, Director Kristy Pipes bought 2,149 shares of Public Storage stock in a transaction dated Tuesday, May 14th. The shares were acquired at an average price of $278.96 per share, with a total value of $599,485.04. Following the completion of the purchase, the director now owns 2,149 shares in the company, valued at approximately $599,485.04. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Public Storage news, Director Kristy Pipes bought 2,149 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were purchased at an average price of $278.96 per share, with a total value of $599,485.04. Following the completion of the purchase, the director now owns 2,149 shares in the company, valued at approximately $599,485.04. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the sale, the insider now owns 3,214 shares in the company, valued at $881,568.06. The disclosure for this sale can be found here. Corporate insiders own 11.10% of the company’s stock.

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.