Public Storage (NYSE:PSA) Shares Acquired by Bank of Nova Scotia

Bank of Nova Scotia increased its position in Public Storage (NYSE:PSA - Free Report) by 5.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 21,538 shares of the real estate investment trust's stock after acquiring an additional 1,171 shares during the quarter. Bank of Nova Scotia's holdings in Public Storage were worth $6,450,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Quent Capital LLC boosted its stake in shares of Public Storage by 135.1% during the 4th 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 in the last quarter. Synergy Asset Management LLC bought a new stake in shares of Public Storage in the fourth quarter worth approximately $38,000. Millstone Evans Group LLC purchased a new stake in Public Storage during the 4th quarter valued at $38,000. Toth Financial Advisory Corp grew 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 valued at $61,000 after purchasing an additional 66 shares during the period. Finally, Parkworth Wealth Management Inc. purchased a new stake in Public Storage during the fourth quarter valued at approximately $67,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Price Performance

Shares of NYSE:PSA traded up $7.99 on Thursday, reaching $297.02. 291,331 shares of the company were exchanged, compared to its average volume of 733,018. The company has a 50-day moving average of $296.27 and a 200-day moving average of $312.80. The firm has a market cap of $52.10 billion, a price-to-earnings ratio of 30.81, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76. 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 1-year low of $256.31 and a 1-year high of $369.99.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were issued 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 4.04%. Public Storage's dividend payout ratio (DPR) is 112.89%.

Wall Street Analysts Forecast Growth

PSA has been the topic of a number of recent analyst reports. Wells Fargo & Company decreased their price target on Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. Scotiabank raised Public Storage from a "sector perform" rating to a "sector outperform" rating and cut their target price for the company from $333.00 to $305.00 in a research report on Wednesday, April 9th. Truist Financial upgraded Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price on the stock in a research note on Thursday, April 10th. Deutsche Bank Aktiengesellschaft raised Public Storage from a "sell" rating to a "hold" rating and increased their price target for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Finally, Royal Bank of Canada cut their price objective on shares of Public Storage from $342.00 to $329.00 and set a "sector perform" rating on the stock in a research report on Wednesday, February 26th. Six research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $332.08.

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.