Independent Advisor Alliance Acquires 414 Shares of Public Storage (NYSE:PSA)

Independent Advisor Alliance boosted its holdings in Public Storage (NYSE:PSA) by 49.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,258 shares of the real estate investment trust’s stock after buying an additional 414 shares during the period. Independent Advisor Alliance’s holdings in Public Storage were worth $458,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. OFI Invest Asset Management acquired a new position in shares of Public Storage in the 2nd quarter valued at $32,000. Prospera Private Wealth LLC acquired a new position in Public Storage in the third quarter valued at about $34,000. Opal Wealth Advisors LLC acquired a new position in Public Storage in the second quarter valued at about $36,000. Ashton Thomas Securities LLC bought a new position in Public Storage during the third quarter worth about $38,000. Finally, EdgeRock Capital LLC bought a new stake in shares of Public Storage in the 2nd quarter valued at about $39,000. 78.79% of the stock is owned by institutional investors.

Public Storage Price Performance

NYSE PSA opened at $351.36 on Friday. The firm’s 50 day moving average is $343.04 and its 200-day moving average is $318.52. 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 company has a market capitalization of $61.53 billion, a PE ratio of 36.49, a price-to-earnings-growth ratio of 5.78 and a beta of 0.70. Public Storage has a 12-month low of $253.98 and a 12-month high of $369.99.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a dividend of $3.00 per share. The ex-dividend date is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.42%. Public Storage’s dividend payout ratio is 124.61%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on PSA shares. Royal Bank of Canada reduced their price objective on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Scotiabank upped their price objective on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. Jefferies Financial Group raised their price objective on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Morgan Stanley boosted their target price on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Finally, Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target on the stock. in a research report on Monday, August 5th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently 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.