AssuredPartners Investment Advisors LLC Takes Position in Public Storage (NYSE:PSA)

AssuredPartners Investment Advisors LLC purchased a new position in shares of Public Storage (NYSE:PSA) during the 4th quarter, HoldingsChannel reports. The institutional investor purchased 1,329 shares of the real estate investment trust’s stock, valued at approximately $398,000.

A number of other institutional investors have also added to or reduced their stakes in PSA. Quent Capital LLC grew its stake in Public Storage by 135.1% in the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 50 shares during the period. Synergy Asset Management LLC bought a new position in Public Storage during the fourth quarter valued at about $38,000. Millstone Evans Group LLC purchased a new stake in Public Storage during the fourth quarter worth about $38,000. Toth Financial Advisory Corp raised its position 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 worth $61,000 after acquiring an additional 66 shares during the period. Finally, McIlrath & Eck LLC boosted its stake in Public Storage by 24.6% in the third quarter. McIlrath & Eck LLC now owns 218 shares of the real estate investment trust’s stock valued at $79,000 after acquiring an additional 43 shares during the last quarter. 78.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Barclays reaffirmed 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. Scotiabank lowered their target price 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. Royal Bank of Canada dropped their price target on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and lifted their price objective for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Truist Financial cut their target price on shares of 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 given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and a consensus price target of $338.73.

Public Storage Price Performance

PSA stock opened at $294.25 on Friday. The firm has a 50 day moving average of $299.91 and a 200-day moving average of $320.30. 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 firm has a market capitalization of $51.62 billion, a P/E ratio of 30.56, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were given a dividend of $3.00 per share. The ex-dividend date was Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.08%. Public Storage’s dividend payout ratio (DPR) is currently 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.