L & S Advisors Inc Increases Stake in Public Storage (NYSE:PSA)

L & S Advisors Inc grew its holdings in Public Storage (NYSE:PSA) by 2.1% during the 4th quarter, Holdings Channel reports. The fund owned 11,359 shares of the real estate investment trust’s stock after buying an additional 237 shares during the period. L & S Advisors Inc’s holdings in Public Storage were worth $3,401,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Quent Capital LLC lifted its position in 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 purchasing an additional 50 shares in the last quarter. Synergy Asset Management LLC purchased a new position in shares of Public Storage during the 4th quarter valued at about $38,000. Millstone Evans Group LLC purchased a new position in shares of Public Storage during the 4th quarter valued at about $38,000. Toth Financial Advisory Corp grew its stake in shares of Public Storage by 48.2% during the 4th 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 period. Finally, Parkworth Wealth Management Inc. purchased a new stake in Public Storage in the 4th quarter worth approximately $67,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PSA. Scotiabank lowered their price target on shares of 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 lowered their target price on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 26th. Truist Financial cut their price target on Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a research note on Tuesday, March 18th. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and raised their price target for the company from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Barclays reaffirmed an “overweight” rating and issued a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Seven equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $338.73.

Public Storage Price Performance

Public Storage stock opened at $294.25 on Friday. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The firm’s fifty day moving average is $299.91 and its 200 day moving average is $320.03. The company has a market cap of $51.62 billion, a price-to-earnings ratio of 30.56, a PEG ratio of 4.91 and a beta of 0.73.

Public Storage Dividend Announcement

The firm also recently announced 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. This represents a $12.00 annualized dividend and a dividend yield of 4.08%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage’s dividend payout ratio is 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.