CANADA LIFE ASSURANCE Co Raises Position in Public Storage (NYSE:PSA)

CANADA LIFE ASSURANCE Co boosted its position in Public Storage (NYSE:PSA - Free Report) by 7.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 425,589 shares of the real estate investment trust's stock after purchasing an additional 29,220 shares during the period. CANADA LIFE ASSURANCE Co owned about 0.24% of Public Storage worth $127,280,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Cohen & Steers Inc. increased its position in Public Storage by 12.3% in the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock worth $1,626,731,000 after buying an additional 592,944 shares in the last quarter. Geode Capital Management LLC raised its position in Public Storage by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust's stock valued at $1,197,769,000 after purchasing an additional 78,472 shares during the period. Norges Bank purchased a new stake in Public Storage in the fourth quarter worth $931,286,000. Invesco Ltd. boosted its holdings in shares of Public Storage by 2.6% in the fourth quarter. Invesco Ltd. now owns 1,099,249 shares of the real estate investment trust's stock valued at $329,159,000 after purchasing an additional 27,693 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Public Storage by 2.0% during the 4th quarter. Bank of New York Mellon Corp now owns 1,097,640 shares of the real estate investment trust's stock valued at $328,677,000 after purchasing an additional 21,165 shares during the period. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Trading Up 3.0 %

Shares of Public Storage stock traded up $8.70 on Tuesday, reaching $296.26. The company had a trading volume of 244,273 shares, compared to its average volume of 733,739. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The firm's 50 day moving average price is $295.68 and its two-hundred day moving average price is $310.89. The firm has a market cap of $51.97 billion, a PE ratio of 30.76, a PEG ratio of 4.91 and a beta of 0.76.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors 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 annualized dividend and a dividend yield of 4.05%. Public Storage's dividend payout ratio is presently 112.89%.

Analysts Set New Price Targets

Several analysts have recently commented on PSA shares. Mizuho started coverage on Public Storage in a report on Wednesday, April 9th. They set a "neutral" rating and a $287.00 price objective for the company. Royal Bank of Canada reduced their price objective on shares of Public Storage from $342.00 to $329.00 and set a "sector perform" rating for the company in a research report on Wednesday, February 26th. Truist Financial raised shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target on the stock in a research note on Thursday, April 10th. Bank of America raised shares of Public Storage from a "neutral" rating to a "buy" rating and set a $368.00 price objective for the company in a research note on Tuesday. Finally, Barclays restated an "overweight" rating and set a $354.00 target price (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $336.25.

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.