Brookfield Corp ON Has $97.18 Million Stock Position in Public Storage (NYSE:PSA)

Brookfield Corp ON reduced its position in Public Storage (NYSE:PSA) by 25.4% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 321,652 shares of the real estate investment trust’s stock after selling 109,459 shares during the period. Brookfield Corp ON owned about 0.18% of Public Storage worth $97,184,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. GPS Wealth Strategies Group LLC acquired a new stake in Public Storage in the 1st quarter valued at about $29,000. BerganKDV Wealth Management LLC lifted its stake in Public Storage by 4,900.0% in the 1st quarter. BerganKDV Wealth Management LLC now owns 100 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 98 shares during the last quarter. Aspire Private Capital LLC acquired a new stake in Public Storage in the 1st quarter valued at about $30,214,000,000. ICA Group Wealth Management LLC acquired a new stake in Public Storage in the 4th quarter valued at about $29,000. Finally, DT Investment Partners LLC acquired a new stake in Public Storage in the 1st quarter valued at about $32,000. 78.75% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. StockNews.com assumed coverage on shares of Public Storage in a research report on Wednesday, August 23rd. They set a “hold” rating for the company. JPMorgan Chase & Co. cut their price objective on shares of Public Storage from $338.00 to $324.00 in a research report on Tuesday, June 13th. Finally, Truist Financial cut their price objective on shares of Public Storage from $320.00 to $305.00 and set a “buy” rating for the company in a research report on Tuesday, August 29th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $311.50.

Public Storage Stock Up 1.0 %

Shares of PSA opened at $276.53 on Tuesday. Public Storage has a 12 month low of $266.01 and a 12 month high of $340.21. The firm’s 50 day moving average is $283.63 and its 200-day moving average is $289.15. The stock has a market capitalization of $48.62 billion, a PE ratio of 11.98, a P/E/G ratio of 3.41 and a beta of 0.46. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 1.19.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Wednesday, September 13th will be issued a dividend of $3.00 per share. The ex-dividend date is Tuesday, September 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.34%. Public Storage’s dividend payout ratio is presently 51.97%.

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 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.