First Trust Advisors LP Grows Position in Public Storage (NYSE:PSA)

by · The Cerbat Gem

First Trust Advisors LP grew its stake in Public Storage (NYSE:PSA – Free Report) by 15.6% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 209,327 shares of the real estate investment trust’s stock after buying an additional 28,241 shares during the period. First Trust Advisors LP’s holdings in Public Storage were worth $62,681,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Doliver Advisors LP increased its holdings in Public Storage by 2.6% in the 4th quarter. Doliver Advisors LP now owns 1,446 shares of the real estate investment trust’s stock worth $433,000 after buying an additional 36 shares during the period. Brooklyn Investment Group boosted its holdings in shares of Public Storage by 3.4% in the 4th quarter. Brooklyn Investment Group now owns 1,152 shares of the real estate investment trust’s stock valued at $345,000 after acquiring an additional 38 shares during the last quarter. Werba Rubin Papier Wealth Management increased its stake in shares of Public Storage by 1.7% in the fourth quarter. Werba Rubin Papier Wealth Management now owns 2,275 shares of the real estate investment trust’s stock worth $681,000 after acquiring an additional 38 shares during the period. Premier Path Wealth Partners LLC raised its holdings in shares of Public Storage by 3.4% during the fourth quarter. Premier Path Wealth Partners LLC now owns 1,221 shares of the real estate investment trust’s stock worth $366,000 after purchasing an additional 40 shares during the last quarter. Finally, Global X Japan Co. Ltd. lifted its position in Public Storage by 13.7% during the fourth quarter. Global X Japan Co. Ltd. now owns 333 shares of the real estate investment trust’s stock valued at $100,000 after purchasing an additional 40 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on PSA. Mizuho initiated coverage on Public Storage in a research report on Wednesday, April 9th. They set a “neutral” rating and a $287.00 price target on the stock. Scotiabank raised Public Storage from a “sector perform” rating to a “sector outperform” rating and dropped their target price for the stock from $333.00 to $305.00 in a report on Wednesday, April 9th. Bank of America raised Public Storage from a “neutral” rating to a “buy” rating and boosted their price target for the company from $349.00 to $368.00 in a report on Tuesday. Wells Fargo & Company dropped their price objective on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and boosted their target price for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $336.25.

View Our Latest Analysis on PSA

Public Storage Price Performance

Public Storage stock opened at $296.57 on Wednesday. The company has a fifty day simple moving average of $295.58 and a 200-day simple moving average of $310.80. 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 has a market capitalization of $52.02 billion, a price-to-earnings ratio of 30.80, a PEG ratio of 4.91 and a beta of 0.76. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were issued a $3.00 dividend. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.05%. Public Storage’s payout ratio is 112.89%.

Public Storage Company Profile

(Free Report)

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.

Further Reading

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