Public Storage (NYSE:PSA) Shares Bought by Azimuth Capital Investment Management LLC

Azimuth Capital Investment Management LLC boosted its holdings in shares of Public Storage (NYSE:PSA) by 3.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,109 shares of the real estate investment trust’s stock after acquiring an additional 347 shares during the period. Azimuth Capital Investment Management LLC’s holdings in Public Storage were worth $3,027,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PSA. Quent Capital LLC lifted its stake in shares of Public Storage by 135.1% during the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 50 shares during the period. Synergy Asset Management LLC purchased a new position in shares of Public Storage during the fourth quarter valued at approximately $38,000. Millstone Evans Group LLC purchased a new position in shares of Public Storage during the fourth quarter valued at approximately $38,000. Toth Financial Advisory Corp lifted its stake 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 valued at $61,000 after buying an additional 66 shares during the period. Finally, Parkworth Wealth Management Inc. purchased a new position in shares of Public Storage during the fourth quarter valued at approximately $67,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

PSA has been the topic of several recent analyst reports. Scotiabank raised shares of Public Storage from a “sector perform” rating to a “sector outperform” rating and reduced their price objective for the company from $333.00 to $305.00 in a research note on Wednesday. Mizuho assumed coverage on shares of Public Storage in a research note on Wednesday. They set a “neutral” rating and a $287.00 price objective on the stock. Royal Bank of Canada cut their price target on shares of 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. Barclays reaffirmed an “overweight” rating and set a $354.00 price target (down previously from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Finally, Wells Fargo & Company cut 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. Seven investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $332.08.

Public Storage Price Performance

Public Storage stock opened at $282.35 on Thursday. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The firm has a fifty day moving average of $297.78 and a 200-day moving average of $315.04. The firm has a market capitalization of $49.53 billion, a P/E ratio of 29.32, a PEG ratio of 4.91 and a beta of 0.76. 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 firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were given a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.25%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage’s payout ratio is currently 112.89%.

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.