Sompo Asset Management Co. Ltd. Has $1.11 Million Stock Position in Public Storage (NYSE:PSA)

Sompo Asset Management Co. Ltd. lifted its position in Public Storage (NYSE:PSA) by 17.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,040 shares of the real estate investment trust’s stock after acquiring an additional 460 shares during the period. Sompo Asset Management Co. Ltd.’s holdings in Public Storage were worth $1,106,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in PSA. OFI Invest Asset Management purchased a new position in Public Storage during the 2nd quarter worth approximately $32,000. Prospera Private Wealth LLC purchased a new position in shares of Public Storage during the third quarter valued at $34,000. Opal Wealth Advisors LLC purchased a new stake in Public Storage in the 2nd quarter worth about $36,000. Ashton Thomas Securities LLC acquired a new stake in Public Storage during the 3rd quarter worth about $38,000. Finally, EdgeRock Capital LLC purchased a new position in Public Storage during the 2nd quarter valued at about $39,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of Public Storage stock opened at $337.58 on Friday. The firm has a fifty day moving average price of $343.82 and a two-hundred day moving average price of $316.69. Public Storage has a fifty-two week low of $251.49 and a fifty-two week high of $369.99. 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 cap of $59.11 billion, a PE ratio of 35.06, a price-to-earnings-growth ratio of 5.59 and a beta of 0.70.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 3.55%. Public Storage’s dividend payout ratio is 124.61%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PSA shares. Jefferies Financial Group upped their price objective on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Evercore ISI lowered their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Scotiabank raised their price objective on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. Truist Financial downgraded shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price for the company. in a research report on Thursday, August 1st. Finally, Bank of America cut shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a report on Monday, August 5th. One analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and an average target price of $339.64.

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.