Sheaff Brock Investment Advisors LLC lowered its position in Public Storage (NYSE:PSA – Free Report) by 1.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,295 shares of the real estate investment trust’s stock after selling 60 shares during the quarter. Sheaff Brock Investment Advisors LLC’s holdings in Public Storage were worth $1,563,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the company. Empowered Funds LLC grew its holdings in shares of Public Storage by 18.9% during the 1st quarter. Empowered Funds LLC now owns 2,040 shares of the real estate investment trust’s stock valued at $592,000 after purchasing an additional 324 shares during the last quarter. Avantax Advisory Services Inc. lifted its position in shares of Public Storage by 30.0% during the 1st quarter. Avantax Advisory Services Inc. now owns 6,821 shares of the real estate investment trust’s stock valued at $1,978,000 after acquiring an additional 1,573 shares during the period. Bleakley Financial Group LLC lifted its position in shares of Public Storage by 4.9% during the 1st quarter. Bleakley Financial Group LLC now owns 1,230 shares of the real estate investment trust’s stock valued at $357,000 after acquiring an additional 57 shares during the period. Centersquare Investment Management LLC increased its stake in Public Storage by 17.2% during the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock valued at $343,573,000 after purchasing an additional 173,975 shares in the last quarter. Finally, First Foundation Advisors increased its stake in Public Storage by 2.4% during the 1st quarter. First Foundation Advisors now owns 2,753 shares of the real estate investment trust’s stock valued at $799,000 after purchasing an additional 64 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.
Analysts Set New Price Targets
Several equities research analysts have commented on the stock. Evercore ISI dropped their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Bank of America cut shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a report on Monday, August 5th. Truist Financial lowered Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target for the company. in a research note on Thursday, August 1st. Finally, Wells Fargo & Company lowered their price objective on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and an average target price of $339.64.
Public Storage Stock Performance
Shares of PSA opened at $331.20 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The business has a 50-day simple moving average of $346.40 and a two-hundred day simple moving average of $313.25. The stock has a market cap of $58.00 billion, a price-to-earnings ratio of 34.44, a PEG ratio of 5.57 and a beta of 0.70. Public Storage has a 52 week low of $251.49 and a 52 week high of $369.99.
Public Storage Announces Dividend
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. This represents a $12.00 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s payout ratio is presently 124.61%.
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.
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