Coldstream Capital Management Inc. Grows Stock Position in Public Storage (NYSE:PSA)

Coldstream Capital Management Inc. boosted its position in Public Storage (NYSE:PSA) by 16.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,993 shares of the real estate investment trust’s stock after buying an additional 288 shares during the period. Coldstream Capital Management Inc.’s holdings in Public Storage were worth $718,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Prospera Private Wealth LLC acquired a new stake in shares of Public Storage during the 3rd quarter valued at approximately $34,000. Ashton Thomas Securities LLC acquired a new position in Public Storage during the third quarter worth $38,000. OFI Invest Asset Management purchased a new stake in Public Storage during the second quarter worth $32,000. EdgeRock Capital LLC acquired a new stake in Public Storage in the second quarter valued at $39,000. Finally, Compagnie Lombard Odier SCmA purchased a new position in shares of Public Storage in the third quarter valued at $50,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of Public Storage stock opened at $317.62 on Friday. The business’s fifty day moving average price is $337.34 and its 200 day moving average price is $322.43. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. 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 stock has a market capitalization of $55.62 billion, a P/E ratio of 32.98, a PEG ratio of 5.38 and a beta of 0.71.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s payout ratio is currently 124.61%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on PSA shares. Wells Fargo & Company cut 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. Scotiabank upped their price objective on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. Morgan Stanley increased their price objective on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Evercore ISI cut their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Finally, Citigroup raised their price target on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $342.07.

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.