Ironsides Asset Advisors LLC Makes New Investment in Public Storage (NYSE:PSA)

Ironsides Asset Advisors LLC bought a new position in shares of Public Storage (NYSE:PSA) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 650 shares of the real estate investment trust’s stock, valued at approximately $237,000.

Several other hedge funds have also recently modified their holdings of the company. OFI Invest Asset Management bought a new stake in Public Storage during the second quarter worth $32,000. Opal Wealth Advisors LLC bought a new stake in shares of Public Storage during the 2nd quarter worth $36,000. Crewe Advisors LLC purchased a new position in shares of Public Storage in the 1st quarter worth about $39,000. EdgeRock Capital LLC bought a new position in Public Storage during the second quarter valued at about $39,000. Finally, LRI Investments LLC bought a new position in Public Storage during the first quarter valued at about $40,000. Institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Barclays lifted their price objective on shares of Public Storage from $374.00 to $381.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Citigroup upped their price objective on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price for the company. in a research report on Monday, August 5th. Scotiabank upped their price target on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. Finally, Royal Bank of Canada started coverage on Public Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price target for the company. One analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and a consensus target price of $340.71.

Public Storage Price Performance

Shares of NYSE:PSA opened at $325.31 on Thursday. The company has a 50 day moving average of $347.20 and a 200 day moving average of $310.65. 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 $56.94 billion, a P/E ratio of 33.78, a P/E/G ratio of 4.69 and a beta of 0.70. Public Storage has a 12 month low of $241.60 and a 12 month high of $369.99.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a $3.00 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.69%. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

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.