Columbia Asset Management Trims Position in Public Storage (NYSE:PSA)

Columbia Asset Management trimmed its position in Public Storage (NYSE:PSA) by 7.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,974 shares of the real estate investment trust’s stock after selling 417 shares during the period. Columbia Asset Management’s holdings in Public Storage were worth $1,489,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in PSA. Quent Capital LLC lifted its stake in shares of Public Storage by 135.1% in the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 50 shares during the period. Synergy Asset Management LLC purchased a new stake in Public Storage during the fourth quarter valued at approximately $38,000. Millstone Evans Group LLC bought a new position in Public Storage in the fourth quarter worth approximately $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, Parkworth Wealth Management Inc. bought a new stake in shares of Public Storage during the 4th quarter valued at $67,000. 78.79% of the stock is currently owned by institutional investors.

Public Storage Price Performance

Shares of NYSE:PSA opened at $299.02 on Wednesday. The firm has a market cap of $52.45 billion, a price-to-earnings ratio of 31.05, a P/E/G ratio of 4.91 and a beta of 0.73. The firm has a fifty day moving average price of $300.01 and a 200 day moving average price of $318.91. Public Storage has a fifty-two week low of $256.31 and a fifty-two 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.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.01%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is presently 112.89%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PSA. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and raised their target price for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Scotiabank decreased their price objective 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. Barclays reiterated an “overweight” rating and set a $354.00 price objective (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Royal Bank of Canada decreased 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. Finally, Truist Financial dropped their price target 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 equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and an average target price of $338.73.

Public Storage 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.