Texas Capital Bank Wealth Management Services Inc Acquires Shares of 1,318 Public Storage (NYSE:PSA)

Texas Capital Bank Wealth Management Services Inc acquired a new stake in shares of Public Storage (NYSE:PSA) in the 3rd quarter, Holdings Channel reports. The firm acquired 1,318 shares of the real estate investment trust’s stock, valued at approximately $480,000.

Several other institutional investors have also bought and sold shares of PSA. OFI Invest Asset Management purchased a new position in Public Storage in the 2nd quarter worth about $32,000. Prospera Private Wealth LLC purchased a new position in Public Storage during the 3rd quarter valued at about $34,000. Opal Wealth Advisors LLC purchased a new position in Public Storage during the 2nd quarter valued at about $36,000. Ashton Thomas Securities LLC purchased a new position in Public Storage during the 3rd quarter valued at about $38,000. Finally, EdgeRock Capital LLC purchased a new position in Public Storage during the 2nd quarter valued at about $39,000. Institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PSA. Jefferies Financial Group raised their price target on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Morgan Stanley raised their price target on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. 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. Scotiabank lifted their target price on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 22nd. Finally, Citigroup lifted their target price 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 research analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus price target of $342.07.

Public Storage Price Performance

Shares of NYSE PSA opened at $332.44 on Friday. The firm has a market cap of $58.21 billion, a PE ratio of 34.52, a PEG ratio of 5.59 and a beta of 0.71. The firm has a fifty day moving average of $340.84 and a 200 day moving average of $320.43. 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 one year low of $256.31 and a one year high of $369.99.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.61%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s payout ratio is presently 124.61%.

Public Storage 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.