Millstone Evans Group LLC Acquires New Stake in Public Storage (NYSE:PSA)

Millstone Evans Group LLC bought a new position in Public Storage (NYSE:PSA) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 126 shares of the real estate investment trust’s stock, valued at approximately $38,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PSA. Quent Capital LLC raised 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 worth $26,000 after buying an additional 50 shares in the last quarter. Synergy Asset Management LLC bought a new stake in Public Storage in the fourth quarter worth about $38,000. Toth Financial Advisory Corp lifted its holdings in Public Storage by 48.2% in the 4th quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock valued at $61,000 after acquiring an additional 66 shares during the last quarter. Parkworth Wealth Management Inc. bought a new position in shares of Public Storage during the 4th quarter valued at about $67,000. Finally, Compass Financial Services Inc acquired a new position in shares of Public Storage in the 4th quarter worth approximately $68,000. 78.79% of the stock is owned by institutional investors.

Public Storage Price Performance

Shares of PSA opened at $295.07 on Tuesday. The business’s 50-day moving average is $300.07 and its 200-day moving average is $321.50. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $51.76 billion, a price-to-earnings ratio of 30.64, a P/E/G ratio of 4.91 and a beta of 0.73. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be given a $3.00 dividend. The ex-dividend date is Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.07%. Public Storage’s payout ratio is 112.89%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Barclays reissued an “overweight” rating and set a $354.00 target price (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Royal Bank of Canada reduced their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 26th. Scotiabank cut their target price on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research report on Wednesday, March 5th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and increased their price target for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Finally, Wells Fargo & Company cut their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Seven investment analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $338.00.

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.