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

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

A number of other large investors have also recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd acquired a new position in shares of Public Storage during the 3rd quarter worth about $483,000. Dynamic Technology Lab Private Ltd acquired a new position in Public Storage during the third quarter worth approximately $378,000. Daiwa Securities Group Inc. raised its stake in Public Storage by 57.3% in the third quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust’s stock valued at $405,278,000 after buying an additional 405,847 shares during the period. Summit Trail Advisors LLC raised its stake in Public Storage by 12.9% in the third quarter. Summit Trail Advisors LLC now owns 1,516 shares of the real estate investment trust’s stock valued at $552,000 after buying an additional 173 shares during the period. Finally, Larson Financial Group LLC lifted its position in shares of Public Storage by 3,714.6% in the third quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust’s stock valued at $666,000 after buying an additional 1,783 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 research analysts recently weighed in on the company. Morgan Stanley increased their price target 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. Wells Fargo & Company dropped their price objective on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Jefferies Financial Group lifted their target price on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Barclays lowered their price target on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. Finally, Evercore ISI reduced their price objective on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. One analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $339.64.

Public Storage Price Performance

Shares of NYSE PSA opened at $351.36 on Friday. The business has a fifty day moving average price of $343.04 and a two-hundred day moving average price of $318.52. The stock has a market capitalization of $61.53 billion, a PE ratio of 36.49, a P/E/G ratio of 5.78 and a beta of 0.70. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a fifty-two week low of $253.98 and a fifty-two week high of $369.99.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

Public Storage Company 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.