Public Storage (NYSE:PSA) Shares Purchased by Family Legacy Inc.

Family Legacy Inc. grew its holdings in Public Storage (NYSE:PSA) by 1.9% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 3,140 shares of the real estate investment trust’s stock after acquiring an additional 60 shares during the quarter. Family Legacy Inc.’s holdings in Public Storage were worth $928,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Rodgers Brothers Inc. acquired a new position in shares of Public Storage in the fourth quarter valued at approximately $1,333,000. Alliancebernstein L.P. grew its position in 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 buying an additional 3,596 shares during the last quarter. Meeder Asset Management Inc. increased its stake in Public Storage by 1,360.5% in the 4th quarter. Meeder Asset Management Inc. now owns 1,256 shares of the real estate investment trust’s stock valued at $376,000 after buying an additional 1,170 shares during the period. Hazlett Burt & Watson Inc. raised its position in 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. Finally, O Shaughnessy Asset Management LLC lifted its stake in shares of Public Storage by 39.1% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 27,000 shares of the real estate investment trust’s stock worth $8,085,000 after acquiring an additional 7,589 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Price Performance

Public Storage stock opened at $294.25 on Monday. The firm has a market capitalization of $51.62 billion, a PE ratio of 30.56, a P/E/G ratio of 4.91 and a beta of 0.73. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99. The firm’s 50-day simple moving average is $299.91 and its 200 day simple moving average is $319.75. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were given a $3.00 dividend. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $12.00 annualized dividend and a dividend yield of 4.08%. Public Storage’s dividend payout ratio is presently 112.89%.

Analyst Ratings Changes

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