Advisors Asset Management Inc. Sells 904 Shares of Public Storage (NYSE:PSA)

Advisors Asset Management Inc. cut its holdings in Public Storage (NYSE:PSA) by 8.2% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 10,071 shares of the real estate investment trust’s stock after selling 904 shares during the quarter. Advisors Asset Management Inc.’s holdings in Public Storage were worth $3,665,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Petredis Investment Advisors LLC raised its stake in shares of Public Storage by 0.4% in the third quarter. Petredis Investment Advisors LLC now owns 6,862 shares of the real estate investment trust’s stock worth $2,497,000 after acquiring an additional 30 shares during the last quarter. S.A. Mason LLC raised its position in Public Storage by 3.8% in the 3rd quarter. S.A. Mason LLC now owns 825 shares of the real estate investment trust’s stock worth $300,000 after purchasing an additional 30 shares during the last quarter. Haverford Trust Co lifted its holdings in Public Storage by 0.7% during the 3rd quarter. Haverford Trust Co now owns 4,282 shares of the real estate investment trust’s stock worth $1,558,000 after buying an additional 30 shares in the last quarter. Huntington National Bank boosted its position in Public Storage by 5.4% in the 3rd quarter. Huntington National Bank now owns 645 shares of the real estate investment trust’s stock valued at $235,000 after buying an additional 33 shares during the last quarter. Finally, Chesapeake Wealth Management increased its stake in shares of Public Storage by 2.2% in the 3rd quarter. Chesapeake Wealth Management now owns 1,538 shares of the real estate investment trust’s stock valued at $560,000 after buying an additional 33 shares during the period. 78.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on PSA shares. Jefferies Financial Group raised their price target on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Scotiabank raised their target price on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. Evercore ISI dropped their price target on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Barclays reduced their price objective on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 12th. Finally, Bank of America cut shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price for the company. in a research report on Monday, August 5th. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $339.64.

Public Storage Price Performance

Shares of PSA opened at $337.62 on Friday. The stock has a 50 day simple moving average of $343.82 and a 200 day simple moving average of $316.39. Public Storage has a 52-week low of $251.49 and a 52-week high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market capitalization of $59.12 billion, a PE ratio of 35.06, a P/E/G ratio of 5.56 and a beta of 0.70.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.55%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio is 124.61%.

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.