Financial Counselors Inc. Makes New $950,000 Investment in Public Storage (NYSE:PSA)

Financial Counselors Inc. acquired a new stake in shares of Public Storage (NYSE:PSA) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,610 shares of the real estate investment trust’s stock, valued at approximately $950,000.

A number of other institutional investors also recently modified their holdings of PSA. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Public Storage by 732.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock valued at $561,763,000 after purchasing an additional 1,358,493 shares during the last quarter. Public Sector Pension Investment Board increased its stake in shares of Public Storage by 25.1% during the third quarter. Public Sector Pension Investment Board now owns 27,470 shares of the real estate investment trust’s stock valued at $9,996,000 after buying an additional 5,507 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Public Storage by 2.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 105,014 shares of the real estate investment trust’s stock valued at $38,211,000 after acquiring an additional 2,330 shares in the last quarter. CreativeOne Wealth LLC purchased a new stake in Public Storage in the third quarter worth $248,000. Finally, Townsquare Capital LLC boosted its holdings in Public Storage by 42.6% in the third quarter. Townsquare Capital LLC now owns 3,981 shares of the real estate investment trust’s stock valued at $1,449,000 after acquiring an additional 1,189 shares in the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on PSA. Wells Fargo & Company dropped their target price on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Morgan Stanley lifted their price objective on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Evercore ISI reduced their target price on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Citigroup raised their target price on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Finally, Barclays reduced their price target on Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $339.64.

Public Storage Stock Down 0.9 %

Shares of Public Storage stock opened at $348.05 on Friday. The company has a 50-day simple moving average of $342.76 and a two-hundred day simple moving average of $319.29. The stock has a market capitalization of $60.95 billion, a PE ratio of 36.14, a price-to-earnings-growth ratio of 5.84 and a beta of 0.70. Public Storage has a 52-week low of $255.78 and a 52-week high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Public Storage Announces Dividend

The firm 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 $3.00 dividend. The ex-dividend date is Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 3.45%. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

About Public Storage

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.