Aster Capital Management DIFC Ltd Raises Stock Position in Public Storage (NYSE:PSA)

Aster Capital Management DIFC Ltd lifted its stake in Public Storage (NYSE:PSA) by 245.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,850 shares of the real estate investment trust’s stock after purchasing an additional 1,315 shares during the period. Aster Capital Management DIFC Ltd’s holdings in Public Storage were worth $554,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Quent Capital LLC raised its holdings in shares of Public Storage by 135.1% in 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 acquired a new stake in shares of Public Storage during the 4th quarter worth about $38,000. Millstone Evans Group LLC purchased a new stake in Public Storage during the fourth quarter worth approximately $38,000. Toth Financial Advisory Corp boosted its holdings in Public Storage by 48.2% in the fourth 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 in the last quarter. Finally, McIlrath & Eck LLC increased its stake in Public Storage by 24.6% in the third quarter. McIlrath & Eck LLC now owns 218 shares of the real estate investment trust’s stock valued at $79,000 after purchasing an additional 43 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

NYSE PSA opened at $284.00 on Monday. The business’s 50 day moving average is $300.05 and its two-hundred day moving average is $317.46. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock has a market capitalization of $49.82 billion, a price-to-earnings ratio of 29.49, a PEG ratio of 4.91 and a beta of 0.76. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.23%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage’s dividend payout ratio is currently 112.89%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PSA. Scotiabank reduced their price objective on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research report on Wednesday, March 5th. Barclays restated an “overweight” rating and issued a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Truist Financial reduced their target price on Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a report on Tuesday, March 18th. Wells Fargo & Company dropped their price target 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, Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and boosted their price objective for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Seven equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and an average price target of $338.73.

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.