National Bank of Canada FI Acquires 27,215 Shares of Public Storage (NYSE:PSA)

National Bank of Canada FI raised its holdings in Public Storage (NYSE:PSA) by 32.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 110,760 shares of the real estate investment trust’s stock after acquiring an additional 27,215 shares during the period. National Bank of Canada FI owned about 0.06% of Public Storage worth $33,167,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of PSA. Quent Capital LLC boosted its stake 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 Public Storage in the fourth quarter valued at approximately $38,000. Millstone Evans Group LLC acquired a new stake in Public Storage in the fourth quarter valued at approximately $38,000. Toth Financial Advisory Corp increased its holdings in shares of Public Storage by 48.2% during the fourth quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock worth $61,000 after buying an additional 66 shares in the last quarter. Finally, Parkworth Wealth Management Inc. bought a new position in shares of Public Storage in the 4th quarter valued at $67,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of PSA opened at $297.44 on Thursday. 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 firm’s fifty day simple moving average is $300.14 and its two-hundred day simple moving average is $318.76. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The stock has a market capitalization of $52.18 billion, a P/E ratio of 30.89, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were paid a dividend of $3.00 per share. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 4.03%. Public Storage’s dividend payout ratio is currently 112.89%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PSA. Truist Financial reduced their price objective on Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a research report on Tuesday, March 18th. Royal Bank of Canada dropped their price objective on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a report on Wednesday, February 26th. Barclays reissued an “overweight” rating and set a $354.00 target price (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Wells Fargo & Company dropped 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 note on Friday, February 21st. Finally, Scotiabank cut their price target on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a report on Wednesday, March 5th. Seven investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently 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.