Concurrent Investment Advisors LLC Increases Stake in Public Storage (NYSE:PSA)

Concurrent Investment Advisors LLC boosted its stake in Public Storage (NYSE:PSA) by 19.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 5,106 shares of the real estate investment trust’s stock after buying an additional 836 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Public Storage were worth $1,858,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. OFI Invest Asset Management purchased a new position in shares of Public Storage in the 2nd quarter valued at approximately $32,000. Opal Wealth Advisors LLC bought a new stake in shares of Public Storage during the 2nd quarter valued at $36,000. Crewe Advisors LLC purchased a new stake in shares of Public Storage in the 1st quarter worth about $39,000. EdgeRock Capital LLC bought a new position in shares of Public Storage in the 2nd quarter worth about $39,000. Finally, Compagnie Lombard Odier SCmA purchased a new position in Public Storage during the 3rd quarter valued at about $50,000. 78.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Citigroup raised their target price on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Jefferies Financial Group raised their price objective on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a report on Thursday, August 1st. Wells Fargo & Company reduced their price target on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, Scotiabank upped their price target on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 22nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and a consensus price target of $340.71.

Public Storage Trading Up 2.4 %

NYSE:PSA opened at $333.09 on Friday. The company has a market cap of $58.30 billion, a PE ratio of 34.59, a price-to-earnings-growth ratio of 4.69 and a beta of 0.70. 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 company has a 50 day simple moving average of $347.20 and a two-hundred day simple moving average of $310.65. Public Storage has a 12 month low of $241.60 and a 12 month high of $369.99.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.60%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

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.