Sunbelt Securities Inc. Purchases 273 Shares of Public Storage (NYSE:PSA)

Sunbelt Securities Inc. increased its position in Public Storage (NYSE:PSA) by 42.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 919 shares of the real estate investment trust’s stock after buying an additional 273 shares during the quarter. Sunbelt Securities Inc.’s holdings in Public Storage were worth $334,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of PSA. Diversified Trust Co boosted its stake in shares of Public Storage by 22.5% in the 2nd quarter. Diversified Trust Co now owns 850 shares of the real estate investment trust’s stock valued at $245,000 after purchasing an additional 156 shares in the last quarter. Swedbank AB grew its stake in shares of Public Storage by 94.1% during the second quarter. Swedbank AB now owns 116,882 shares of the real estate investment trust’s stock valued at $33,621,000 after buying an additional 56,669 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Public Storage by 0.9% during the second quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust’s stock valued at $1,201,000 after buying an additional 39 shares during the last quarter. Naples Global Advisors LLC increased its holdings in shares of Public Storage by 8.3% in the second quarter. Naples Global Advisors LLC now owns 1,508 shares of the real estate investment trust’s stock worth $434,000 after buying an additional 115 shares during the period. Finally, Blue Trust Inc. lifted its stake in shares of Public Storage by 402.9% in the 2nd quarter. Blue Trust Inc. now owns 870 shares of the real estate investment trust’s stock valued at $252,000 after acquiring an additional 697 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Evercore ISI decreased their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Jefferies Financial Group lifted their target price on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Scotiabank increased their price target on shares of 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 boosted their price objective on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Finally, Royal Bank of Canada dropped their target price on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $342.07.

Public Storage Stock Down 0.1 %

Shares of NYSE:PSA opened at $317.62 on Friday. The firm has a market capitalization of $55.62 billion, a P/E ratio of 32.98, a P/E/G ratio of 5.38 and a beta of 0.71. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a 50 day moving average price of $337.34 and a 200-day moving average price of $322.43. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99.

Public Storage Dividend Announcement

The firm also recently declared 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. The ex-dividend date is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.78%. Public Storage’s dividend payout ratio (DPR) is currently 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.