Commonwealth Equity Services LLC boosted its position in Public Storage (NYSE:PSA – Free Report) by 3.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 38,743 shares of the real estate investment trust’s stock after buying an additional 1,291 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Public Storage were worth $11,706,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of PSA. AMI Investment Management Inc. bought a new stake in Public Storage in the first quarter valued at about $267,000. Blair William & Co. IL grew its holdings in shares of Public Storage by 7.3% during the first quarter. Blair William & Co. IL now owns 2,668 shares of the real estate investment trust’s stock valued at $1,041,000 after purchasing an additional 182 shares during the last quarter. Prudential PLC bought a new position in shares of Public Storage during the first quarter valued at approximately $1,374,000. Sequoia Financial Advisors LLC bought a new position in shares of Public Storage during the first quarter valued at approximately $398,000. Finally, Candriam Luxembourg S.C.A. grew its holdings in shares of Public Storage by 19.0% during the first quarter. Candriam Luxembourg S.C.A. now owns 13,506 shares of the real estate investment trust’s stock valued at $5,271,000 after purchasing an additional 2,156 shares during the last quarter. 78.75% of the stock is owned by institutional investors.
Analyst Ratings Changes
PSA has been the subject of several recent research reports. StockNews.com initiated coverage on Public Storage in a report on Wednesday, August 23rd. They set a “hold” rating for the company. Truist Financial reduced their price objective on Public Storage from $335.00 to $320.00 in a research report on Thursday, June 15th. JPMorgan Chase & Co. reduced their price objective on Public Storage from $338.00 to $324.00 in a research report on Tuesday, June 13th. Finally, Bank of America initiated coverage on Public Storage in a research report on Monday, May 8th. They set a “buy” rating for the company. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $315.25.
Public Storage Price Performance
Shares of NYSE:PSA opened at $277.40 on Tuesday. Public Storage has a one year low of $269.49 and a one year high of $344.91. The stock has a fifty day moving average of $286.22 and a 200-day moving average of $290.81. The company has a market capitalization of $48.78 billion, a PE ratio of 12.01, a price-to-earnings-growth ratio of 3.72 and a beta of 0.45. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.28 and a current ratio of 1.28.
Public Storage Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Wednesday, September 13th will be given a dividend of $3.00 per share. The ex-dividend date is Tuesday, September 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.33%. Public Storage’s dividend payout ratio (DPR) is presently 51.97%.
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 June 30, 2023, we had: (i) interests in 2,888 self-storage facilities located in 40 states with approximately 206 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 266 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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