Aviva PLC Raises Stake in Public Storage (NYSE:PSA)

Aviva PLC increased its stake in Public Storage (NYSE:PSA) by 35.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 94,945 shares of the real estate investment trust’s stock after purchasing an additional 25,094 shares during the quarter. Aviva PLC owned 0.05% of Public Storage worth $28,430,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Walleye Capital LLC acquired a new position in Public Storage during the third quarter worth $262,000. IHT Wealth Management LLC raised its stake in shares of Public Storage by 40.7% during the 3rd quarter. IHT Wealth Management LLC now owns 1,262 shares of the real estate investment trust’s stock worth $458,000 after buying an additional 365 shares during the last quarter. Quantinno Capital Management LP boosted its position in shares of Public Storage by 16.2% in the 3rd quarter. Quantinno Capital Management LP now owns 11,390 shares of the real estate investment trust’s stock worth $4,145,000 after buying an additional 1,590 shares in the last quarter. Stifel Financial Corp grew its stake in Public Storage by 4.9% in the 3rd quarter. Stifel Financial Corp now owns 69,856 shares of the real estate investment trust’s stock valued at $25,422,000 after acquiring an additional 3,241 shares during the last quarter. Finally, Insigneo Advisory Services LLC increased its holdings in Public Storage by 5.9% during the 3rd quarter. Insigneo Advisory Services LLC now owns 823 shares of the real estate investment trust’s stock valued at $299,000 after acquiring an additional 46 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of PSA stock opened at $284.00 on Monday. 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 has a market capitalization of $49.82 billion, a price-to-earnings ratio of 29.49, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76. Public Storage has a one year low of $256.31 and a one year high of $369.99. The company has a 50 day moving average price of $300.05 and a 200 day moving average price of $317.46.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were given a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.23%. The ex-dividend date was Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is currently 112.89%.

Analyst Ratings Changes

Several brokerages have issued reports on PSA. Royal Bank of Canada reduced 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 report on Wednesday, February 26th. Truist Financial lowered their target price on Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a report on Tuesday, March 18th. Wells Fargo & Company cut their price target on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Scotiabank dropped their price objective on Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research report on Wednesday, March 5th. Finally, Barclays restated an “overweight” rating and issued a $354.00 target price (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Seven equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price 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.