Royal London Asset Management Ltd. Reduces Position in Public Storage (NYSE:PSA)

Royal London Asset Management Ltd. lessened its holdings in shares of Public Storage (NYSE:PSA) by 1.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 65,369 shares of the real estate investment trust’s stock after selling 797 shares during the period. Royal London Asset Management Ltd.’s holdings in Public Storage were worth $19,574,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Quent Capital LLC boosted its position 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 valued at $26,000 after buying an additional 50 shares during the period. Prospera Private Wealth LLC purchased a new stake in shares of Public Storage in the third quarter valued at approximately $34,000. Synergy Asset Management LLC purchased a new stake in shares of Public Storage in the fourth quarter valued at approximately $38,000. Toth Financial Advisory Corp boosted its holdings in shares of 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 purchasing an additional 66 shares during the period. Finally, Parkworth Wealth Management Inc. purchased a new stake in shares of Public Storage in the fourth quarter valued at approximately $67,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Truist Financial lowered their price target on Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a report on Tuesday. Scotiabank lowered their price target on Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a report on Wednesday, March 5th. Wells Fargo & Company lowered their price target on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Barclays reiterated an “overweight” rating and issued a $354.00 price target (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Finally, Deutsche Bank Aktiengesellschaft raised shares of 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 assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and an average price target of $338.00.

Public Storage Stock Performance

Shares of PSA stock opened at $291.19 on Friday. The business’s fifty day simple moving average is $299.96 and its 200-day simple moving average is $322.12. The company has a market cap of $51.08 billion, a PE ratio of 30.24, a PEG ratio of 4.91 and a beta of 0.73. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage’s payout ratio is presently 112.89%.

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.