iA Global Asset Management Inc. Boosts Holdings in Public Storage (NYSE:PSA)

iA Global Asset Management Inc. raised its holdings in Public Storage (NYSE:PSA) by 33.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,552 shares of the real estate investment trust’s stock after purchasing an additional 1,402 shares during the quarter. iA Global Asset Management Inc.’s holdings in Public Storage were worth $1,662,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Quent Capital LLC boosted its holdings in Public Storage by 135.1% in 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 during the last quarter. Prospera Private Wealth LLC purchased a new stake in shares of Public Storage during the 3rd quarter worth about $34,000. Synergy Asset Management LLC purchased a new stake in shares of Public Storage during the 4th quarter worth about $38,000. Toth Financial Advisory Corp boosted 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 worth $61,000 after acquiring an additional 66 shares in the last quarter. Finally, McIlrath & Eck LLC boosted its stake in shares of Public Storage by 24.6% during the 3rd quarter. McIlrath & Eck LLC now owns 218 shares of the real estate investment trust’s stock worth $79,000 after acquiring an additional 43 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on PSA. Scotiabank lowered their target price on shares of 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. Truist Financial reduced 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. Barclays restated an “overweight” rating and set a $354.00 price target (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and upped their price target for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Finally, Wells Fargo & Company reduced their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Seven equities research analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and an average price target of $338.00.

Public Storage Stock Down 1.8 %

PSA stock opened at $291.19 on Friday. The company has a market cap of $51.08 billion, a price-to-earnings ratio of 30.24, a PEG ratio of 4.91 and a beta of 0.73. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The firm has a 50-day moving average of $299.96 and a two-hundred day moving average of $322.12.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be issued a $3.00 dividend. The ex-dividend date is Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.12%. Public Storage’s 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.