Parallel Advisors LLC Decreases Stock Holdings in Public Storage (NYSE:PSA)

Parallel Advisors LLC trimmed its holdings in Public Storage (NYSE:PSA) by 4.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,963 shares of the real estate investment trust’s stock after selling 99 shares during the quarter. Parallel Advisors LLC’s holdings in Public Storage were worth $588,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Quent Capital LLC raised its position in shares of Public Storage by 135.1% during the 4th 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. Prospera Private Wealth LLC purchased a new stake in shares of Public Storage during the 3rd quarter valued at approximately $34,000. Synergy Asset Management LLC purchased a new stake in shares of Public Storage during the 4th quarter valued at approximately $38,000. Toth Financial Advisory Corp raised its position in shares of Public Storage by 48.2% during the 4th 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, McIlrath & Eck LLC raised its position in shares of Public Storage by 24.6% during the 3rd quarter. McIlrath & Eck LLC now owns 218 shares of the real estate investment trust’s stock valued at $79,000 after buying an additional 43 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Performance

Shares of PSA stock opened at $296.12 on Friday. 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 has a fifty day moving average price of $299.91 and a 200 day moving average price of $322.48. The company has a market cap of $51.94 billion, a P/E ratio of 30.75, a PEG ratio of 4.91 and a beta of 0.73. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.05%. Public Storage’s payout ratio is currently 112.89%.

Wall Street Analysts Forecast Growth

PSA has been the topic of a number of research analyst reports. Barclays reissued an “overweight” rating and issued a $354.00 target price (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Royal Bank of Canada dropped their price target on shares of 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 dropped their price target on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research note on Wednesday, March 5th. 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, Truist Financial dropped their price target on shares of Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a research note on Tuesday. Seven investment analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $338.00.

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.