Public Storage (NYSE:PSA) Stock Position Raised by Bank of Nova Scotia

Bank of Nova Scotia raised its holdings in Public Storage (NYSE:PSA - Free Report) by 5.7% in the 4th quarter, according to its most recent 13F 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 period. Bank of Nova Scotia's holdings in Public Storage were worth $6,450,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in PSA. Quent Capital LLC lifted its position in Public Storage by 135.1% during the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust's stock worth $26,000 after buying an additional 50 shares during the period. Synergy Asset Management LLC acquired a new position in shares of Public Storage during the 4th quarter valued at about $38,000. Millstone Evans Group LLC acquired a new position in shares of Public Storage during the 4th quarter valued at about $38,000. Toth Financial Advisory Corp lifted its holdings 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 worth $61,000 after acquiring an additional 66 shares during the period. Finally, McIlrath & Eck LLC boosted its position in shares of Public Storage by 24.6% in the third quarter. McIlrath & Eck LLC now owns 218 shares of the real estate investment trust's stock worth $79,000 after acquiring an additional 43 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Barclays reaffirmed an "overweight" rating and set a $354.00 price target (down previously from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Scotiabank raised Public Storage from a "sector perform" rating to a "sector outperform" rating and cut their target price for the stock from $333.00 to $305.00 in a research report on Wednesday, April 9th. 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. Wells Fargo & Company reduced their price objective on Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Finally, Royal Bank of Canada cut their price target 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. Six analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Public Storage currently has an average rating of "Moderate Buy" and an average price target of $332.08.

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Public Storage Stock Up 0.0 %

Public Storage stock traded up $0.08 during midday trading on Tuesday, hitting $288.81. The stock had a trading volume of 691,515 shares, compared to its average volume of 735,317. The business has a fifty day moving average price of $296.81 and a 200 day moving average price of $313.14. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The stock has a market cap of $50.66 billion, a P/E ratio of 29.99, a P/E/G 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 Announces Dividend

The company 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 4.15%. Public Storage's dividend payout ratio (DPR) is 112.89%.

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.