Sovereign Investment Advisors LLC Acquires Shares of 1,187 Public Storage (NYSE:PSA)

Sovereign Investment Advisors LLC acquired a new stake in Public Storage (NYSE:PSA) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 1,187 shares of the real estate investment trust’s stock, valued at approximately $355,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Natixis Advisors LLC increased its position in Public Storage by 24.3% in the 4th quarter. Natixis Advisors LLC now owns 78,276 shares of the real estate investment trust’s stock valued at $23,439,000 after acquiring an additional 15,318 shares in the last quarter. Greykasell Wealth Strategies Inc. acquired a new stake in shares of Public Storage during the 4th quarter worth approximately $508,000. Midwest Professional Planners LTD. grew its position in shares of Public Storage by 7.7% during the 4th quarter. Midwest Professional Planners LTD. now owns 6,865 shares of the real estate investment trust’s stock worth $2,056,000 after buying an additional 489 shares during the period. JPL Wealth Management LLC acquired a new stake in shares of Public Storage during the 4th quarter worth approximately $1,634,000. Finally, Skandinaviska Enskilda Banken AB publ grew its position in shares of Public Storage by 56.1% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 121,137 shares of the real estate investment trust’s stock worth $35,834,000 after buying an additional 43,529 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of PSA opened at $298.29 on Friday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The firm’s 50 day moving average price is $299.80 and its two-hundred day moving average price is $323.59. The firm has a market cap of $52.33 billion, a P/E ratio of 30.98, a PEG ratio of 4.91 and a beta of 0.73.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date is Thursday, March 13th. Public Storage’s payout ratio is currently 112.89%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Wells Fargo & Company lowered their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and lifted their price target for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Truist Financial lifted their price target on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Barclays reiterated an “overweight” rating and set a $354.00 price target (down previously from $361.00) on shares of Public Storage in a research report on Wednesday. Finally, Scotiabank reduced their price objective on shares of 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. Seven analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $339.69.

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.