Harvest Fund Management Co. Ltd Purchases New Holdings in Public Storage (NYSE:PSA)

Harvest Fund Management Co. Ltd acquired a new position in shares of Public Storage (NYSE:PSA) in the third quarter, according to its most recent disclosure with the SEC. The firm acquired 1,327 shares of the real estate investment trust’s stock, valued at approximately $483,000.

Several other hedge funds and other institutional investors also recently modified their holdings of PSA. Prospera Private Wealth LLC purchased a new position in Public Storage in the 3rd quarter valued at $34,000. Ashton Thomas Securities LLC purchased a new stake in shares of Public Storage in the third quarter valued at about $38,000. OFI Invest Asset Management purchased a new stake in shares of Public Storage in the second quarter valued at about $32,000. Opal Wealth Advisors LLC acquired a new position in shares of Public Storage during the second quarter worth about $36,000. Finally, EdgeRock Capital LLC purchased a new position in Public Storage during the second quarter worth about $39,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PSA. Wolfe Research raised Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Morgan Stanley lifted their price target 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. Barclays cut their price objective on Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. Wells Fargo & Company decreased their target price on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Finally, Truist Financial downgraded shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target for the company. in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $339.64.

Public Storage Price Performance

Shares of NYSE:PSA opened at $350.04 on Wednesday. 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 business’s fifty day moving average price is $343.37 and its two-hundred day moving average price is $318.06. The stock has a market cap of $61.30 billion, a PE ratio of 36.35, a price-to-earnings-growth ratio of 5.78 and a beta of 0.70. Public Storage has a one year low of $252.96 and a one year high of $369.99.

Public Storage Dividend Announcement

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 given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.43%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio 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.