iA Global Asset Management Inc. Cuts Stock Position in Public Storage (NYSE:PSA)

iA Global Asset Management Inc. trimmed its holdings in shares of Public Storage (NYSE:PSA) by 12.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,150 shares of the real estate investment trust’s stock after selling 574 shares during the period. iA Global Asset Management Inc.’s holdings in Public Storage were worth $1,510,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. OFI Invest Asset Management acquired a new stake in shares of Public Storage in the second quarter valued at about $32,000. Prospera Private Wealth LLC purchased a new position in Public Storage in the 3rd quarter worth approximately $34,000. Ashton Thomas Securities LLC acquired a new stake in Public Storage in the third quarter valued at approximately $38,000. EdgeRock Capital LLC purchased a new stake in shares of Public Storage during the second quarter valued at approximately $39,000. Finally, Compagnie Lombard Odier SCmA acquired a new position in shares of Public Storage during the third quarter worth $50,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PSA. Barclays lowered their price target on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a report on Tuesday, November 12th. Truist Financial raised their target price on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research note on Thursday. Scotiabank increased their price target on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Finally, Jefferies Financial Group increased their target price on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and a consensus target price of $342.07.

Public Storage Trading Up 0.4 %

NYSE PSA opened at $334.00 on Monday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a one year low of $256.31 and a one year high of $369.99. The company has a 50-day simple moving average of $340.38 and a 200-day simple moving average of $321.30. The firm has a market capitalization of $58.49 billion, a PE ratio of 34.68, a price-to-earnings-growth ratio of 5.56 and a beta of 0.71.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.59%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

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.