First Trust Advisors LP Buys 28,241 Shares of Public Storage (NYSE:PSA)

First Trust Advisors LP grew its position in Public Storage (NYSE:PSA - Free Report) by 15.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 209,327 shares of the real estate investment trust's stock after purchasing an additional 28,241 shares during the period. First Trust Advisors LP owned about 0.12% of Public Storage worth $62,681,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PSA. Generation Capital Management LLC bought a new position in Public Storage during the fourth quarter valued at approximately $877,000. GeoWealth Management LLC raised its holdings in shares of Public Storage by 24.4% during the 4th quarter. GeoWealth Management LLC now owns 7,161 shares of the real estate investment trust's stock valued at $2,144,000 after purchasing an additional 1,403 shares in the last quarter. Bridge Generations Wealth Management LLC acquired a new stake in shares of Public Storage in the 4th quarter valued at $56,000. CANADA LIFE ASSURANCE Co boosted its holdings in Public Storage by 7.4% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 425,589 shares of the real estate investment trust's stock worth $127,280,000 after purchasing an additional 29,220 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL acquired a new position in Public Storage during the fourth quarter worth $32,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Mizuho started coverage on Public Storage in a research note on Wednesday, April 9th. They set a "neutral" rating and a $287.00 price target for the company. Truist Financial raised Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price for the company in a research report on Thursday, April 10th. Wells Fargo & Company dropped their price target on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a "sell" rating to a "hold" rating and upped their price objective for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Royal Bank of Canada dropped 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 report on Wednesday, February 26th. Five equities 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, Public Storage currently has an average rating of "Moderate Buy" and an average target price of $336.25.

Public Storage Price Performance

NYSE PSA traded up $1.15 during trading hours on Monday, reaching $292.06. 88,966 shares of the company's stock were exchanged, compared to its average volume of 736,065. The firm has a fifty day moving average of $295.33 and a 200-day moving average of $309.44. 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 one year low of $256.31 and a one year high of $369.99. The stock has a market cap of $51.23 billion, a PE ratio of 30.34, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were paid a $3.00 dividend. The ex-dividend date was Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.11%. Public Storage's dividend payout ratio (DPR) is presently 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.