Advisors Asset Management Inc. Has $3.67 Million Stock Position in Public Storage (NYSE:PSA)

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

Several other large investors have also recently bought and sold shares of PSA. Pitcairn Co. boosted its stake in Public Storage by 15.9% in the 1st quarter. Pitcairn Co. now owns 868 shares of the real estate investment trust’s stock valued at $252,000 after purchasing an additional 119 shares during the period. CreativeOne Wealth LLC lifted its holdings in shares of Public Storage by 15.8% during the first quarter. CreativeOne Wealth LLC now owns 895 shares of the real estate investment trust’s stock worth $260,000 after buying an additional 122 shares in the last quarter. EP Wealth Advisors LLC boosted its position in shares of Public Storage by 18.1% in the first quarter. EP Wealth Advisors LLC now owns 2,281 shares of the real estate investment trust’s stock valued at $662,000 after acquiring an additional 350 shares during the period. Axxcess Wealth Management LLC grew its stake in shares of Public Storage by 61.6% in the first quarter. Axxcess Wealth Management LLC now owns 1,913 shares of the real estate investment trust’s stock valued at $555,000 after acquiring an additional 729 shares in the last quarter. Finally, LRI Investments LLC bought a new stake in Public Storage in the 1st quarter valued at about $40,000. 78.79% of the stock is owned by institutional investors.

Public Storage Price Performance

PSA stock opened at $337.62 on Friday. The stock has a market cap of $59.12 billion, a price-to-earnings ratio of 35.06, a P/E/G ratio of 5.56 and a beta of 0.70. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The company has a 50 day simple moving average of $343.82 and a 200 day simple moving average of $316.39. Public Storage has a 1 year low of $251.49 and a 1 year high of $369.99.

Public Storage Announces Dividend

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

Analyst Upgrades and Downgrades

PSA has been the subject of a number of analyst reports. Royal Bank of Canada dropped their price target on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a report on Thursday, August 1st. Wells Fargo & Company reduced their target price on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Evercore ISI dropped their price target on 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. Finally, Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $339.64.

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.