Isthmus Partners LLC Has $15.06 Million Stock Position in Public Storage (NYSE:PSA)

Isthmus Partners LLC lifted its position in Public Storage (NYSE:PSA) by 1.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 41,396 shares of the real estate investment trust’s stock after buying an additional 548 shares during the quarter. Public Storage comprises approximately 1.8% of Isthmus Partners LLC’s holdings, making the stock its 16th largest position. Isthmus Partners LLC’s holdings in Public Storage were worth $15,063,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Northwest & Ethical Investments L.P. increased its holdings in Public Storage by 18.9% in the 3rd quarter. Northwest & Ethical Investments L.P. now owns 38,548 shares of the real estate investment trust’s stock valued at $14,026,000 after buying an additional 6,124 shares during the period. Vinva Investment Management Ltd increased its holdings in Public Storage by 14.7% in the 3rd quarter. Vinva Investment Management Ltd now owns 7,266 shares of the real estate investment trust’s stock valued at $2,591,000 after buying an additional 933 shares during the period. Financial Counselors Inc. bought a new stake in Public Storage in the 3rd quarter valued at $950,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Public Storage by 732.9% in 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 buying an additional 1,358,493 shares during the period. Finally, Public Sector Pension Investment Board increased its holdings in Public Storage by 25.1% in the 3rd 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. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Performance

Public Storage stock opened at $351.36 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 1 year low of $253.98 and a 1 year high of $369.99. The company has a market cap of $61.53 billion, a PE ratio of 36.49, a PEG ratio of 5.84 and a beta of 0.70. The company’s 50-day moving average is $343.04 and its two-hundred day moving average is $318.52.

Public Storage Announces Dividend

The company 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 $3.00 dividend. 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 3.42%. Public Storage’s dividend payout ratio is 124.61%.

Analyst Upgrades and Downgrades

PSA has been the topic of several analyst reports. Royal Bank of Canada lowered their price target on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Barclays lowered their price target on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. Evercore ISI lowered their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Finally, Wells Fargo & Company lowered their target price on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. One equities research 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 stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus 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.