CANADA LIFE ASSURANCE Co Buys 29,220 Shares of Public Storage (NYSE:PSA)

CANADA LIFE ASSURANCE Co boosted its position in shares of Public Storage (NYSE:PSA) by 7.4% during the fourth quarter, Holdings Channel.com reports. The fund owned 425,589 shares of the real estate investment trust’s stock after acquiring an additional 29,220 shares during the quarter. CANADA LIFE ASSURANCE Co’s holdings in Public Storage were worth $127,280,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of Public Storage by 5.0% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust’s stock valued at $16,089,000 after acquiring an additional 2,566 shares in the last quarter. Capital Investment Advisors LLC boosted its stake in Public Storage by 25.4% in the 4th quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust’s stock worth $8,566,000 after purchasing an additional 5,793 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Public Storage by 30.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust’s stock valued at $40,926,000 after buying an additional 31,662 shares in the last quarter. Meridian Wealth Management LLC purchased a new position in shares of Public Storage in the fourth quarter worth $395,000. Finally, Aew Capital Management L P grew its stake in Public Storage by 108.6% during the fourth quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust’s stock valued at $131,574,000 after acquiring an additional 228,740 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors.

Public Storage Price Performance

NYSE PSA opened at $289.25 on Thursday. The company has a market cap of $50.74 billion, a PE ratio of 30.04, a P/E/G ratio of 4.91 and a beta of 0.76. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The firm’s 50 day moving average price is $296.27 and its 200-day moving average price is $312.80.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.15%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage’s payout ratio is 112.89%.

Analyst Upgrades and Downgrades

PSA has been the subject of a number of research analyst reports. Royal Bank of Canada cut their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 26th. Barclays restated an “overweight” rating and set a $354.00 price target (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and upped their price objective for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Mizuho assumed coverage on shares of Public Storage in a report on Wednesday, April 9th. They issued a “neutral” rating and a $287.00 target price for the company. Finally, Truist Financial raised shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price target on the stock in a research note on Thursday, April 10th. Six equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and a consensus target price of $332.08.

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.