Chesapeake Capital Corp IL Buys New Position in Public Storage (NYSE:PSA)

Chesapeake Capital Corp IL acquired a new position in Public Storage (NYSE:PSA) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 2,354 shares of the real estate investment trust’s stock, valued at approximately $857,000. Public Storage comprises about 0.8% of Chesapeake Capital Corp IL’s investment portfolio, making the stock its 27th largest position.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Petredis Investment Advisors LLC boosted its position in Public Storage by 0.4% in the third quarter. Petredis Investment Advisors LLC now owns 6,862 shares of the real estate investment trust’s stock worth $2,497,000 after purchasing an additional 30 shares during the last quarter. S.A. Mason LLC boosted its position in Public Storage by 3.8% in the third quarter. S.A. Mason LLC now owns 825 shares of the real estate investment trust’s stock worth $300,000 after purchasing an additional 30 shares during the last quarter. Haverford Trust Co boosted its position in Public Storage by 0.7% in the third quarter. Haverford Trust Co now owns 4,282 shares of the real estate investment trust’s stock worth $1,558,000 after purchasing an additional 30 shares during the last quarter. Huntington National Bank boosted its position in Public Storage by 5.4% in the third quarter. Huntington National Bank now owns 645 shares of the real estate investment trust’s stock worth $235,000 after purchasing an additional 33 shares during the last quarter. Finally, Yoder Wealth Management Inc. boosted its position in Public Storage by 5.0% in the third quarter. Yoder Wealth Management Inc. now owns 763 shares of the real estate investment trust’s stock worth $278,000 after purchasing an additional 36 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

NYSE:PSA opened at $335.01 on Friday. 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 has a 52-week low of $251.49 and a 52-week high of $369.99. The firm has a market cap of $58.66 billion, a price-to-earnings ratio of 34.79, a PEG ratio of 5.57 and a beta of 0.70. The business’s fifty day moving average is $345.99 and its 200 day moving average is $314.26.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.58%. Public Storage’s payout ratio is 124.61%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PSA. Morgan Stanley boosted their price objective on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Wolfe Research raised Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Barclays lowered their target price 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. Citigroup boosted 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, Wells Fargo & Company lowered their target price on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $339.64.

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.