Public Storage (NYSE:PSA) Shares Sold by Advisors Asset Management Inc.

Advisors Asset Management Inc. decreased its holdings in shares of Public Storage (NYSE:PSA) by 5.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,559 shares of the real estate investment trust’s stock after selling 512 shares during the quarter. Advisors Asset Management Inc.’s holdings in Public Storage were worth $2,862,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in PSA. Quent Capital LLC boosted its holdings in shares of Public Storage by 135.1% during the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 50 shares during the last quarter. Prospera Private Wealth LLC acquired a new position in Public Storage in the third quarter valued at $34,000. Synergy Asset Management LLC acquired a new position in Public Storage in the fourth quarter valued at $38,000. Toth Financial Advisory Corp boosted its holdings in Public Storage by 48.2% in the fourth quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock valued at $61,000 after acquiring an additional 66 shares during the last quarter. Finally, Parkworth Wealth Management Inc. acquired a new position in Public Storage in the fourth quarter valued at $67,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PSA. Wells Fargo & Company reduced their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Truist Financial reduced their target price on Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a report on Tuesday. Scotiabank reduced their target price on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a report on Wednesday, March 5th. Royal Bank of Canada reduced their target price on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. 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 note on Friday, January 10th. Seven equities research analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and a consensus target price of $338.00.

Public Storage Trading Down 1.8 %

NYSE PSA opened at $291.19 on Friday. The company’s fifty day simple moving average is $299.96 and its 200-day simple moving average is $322.12. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99. 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 $51.08 billion, a P/E ratio of 30.24, a PEG ratio of 4.91 and a beta of 0.73.

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 issued a $3.00 dividend. 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 is presently 112.89%.

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.