Slagle Financial LLC Grows Stake in Public Storage (NYSE:PSA)

Slagle Financial LLC increased its position in shares of Public Storage (NYSE:PSA) by 11.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 12,237 shares of the real estate investment trust’s stock after purchasing an additional 1,240 shares during the quarter. Public Storage accounts for 1.6% of Slagle Financial LLC’s investment portfolio, making the stock its 19th biggest holding. Slagle Financial LLC’s holdings in Public Storage were worth $3,664,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of PSA. Quent Capital LLC raised its stake in shares of Public Storage by 135.1% during the 4th 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 last quarter. Synergy Asset Management LLC acquired a new position in Public Storage during the fourth quarter worth about $38,000. Millstone Evans Group LLC purchased a new stake in shares of Public Storage in the fourth quarter valued at about $38,000. Toth Financial Advisory Corp grew its position in shares of 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 during the last quarter. Finally, McIlrath & Eck LLC increased its stake in shares of Public Storage by 24.6% during the 3rd quarter. McIlrath & Eck LLC now owns 218 shares of the real estate investment trust’s stock worth $79,000 after purchasing an additional 43 shares in the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on PSA shares. Royal Bank of Canada reduced their target price on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 26th. Scotiabank decreased their price objective on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 5th. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and boosted their target price for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Wells Fargo & Company decreased their price target on shares of 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, Truist Financial cut their price objective on shares of Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a research report on Tuesday, March 18th. Seven analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $338.00.

Public Storage Stock Performance

NYSE:PSA opened at $292.21 on Friday. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The firm’s 50 day moving average is $299.95 and its two-hundred day moving average is $320.70. The company has a market cap of $51.26 billion, a P/E ratio of 30.34, a P/E/G ratio of 4.91 and a beta of 0.73. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.11%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage’s payout ratio is currently 112.89%.

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.