Erste Asset Management GmbH Has $6.95 Million Stock Holdings in Public Storage (NYSE:PSA)

Erste Asset Management GmbH raised its position in shares of Public Storage (NYSE:PSA) by 1.7% in the fourth quarter, HoldingsChannel.com reports. The firm owned 23,300 shares of the real estate investment trust’s stock after purchasing an additional 400 shares during the quarter. Erste Asset Management GmbH’s holdings in Public Storage were worth $6,946,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Haverford Trust Co lifted its stake 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 valued at $1,558,000 after buying an additional 30 shares during the period. Huntington National Bank boosted its stake in Public Storage by 5.4% during the third quarter. Huntington National Bank now owns 645 shares of the real estate investment trust’s stock worth $235,000 after acquiring an additional 33 shares in the last quarter. Chesapeake Wealth Management increased its stake in Public Storage by 2.2% in the third quarter. Chesapeake Wealth Management now owns 1,538 shares of the real estate investment trust’s stock valued at $560,000 after purchasing an additional 33 shares in the last quarter. Lindenwold Advisors INC raised its holdings in shares of Public Storage by 0.8% during the third quarter. Lindenwold Advisors INC now owns 4,390 shares of the real estate investment trust’s stock valued at $1,597,000 after purchasing an additional 34 shares during the period. Finally, Doliver Advisors LP boosted its position in shares of Public Storage by 2.6% during the 4th quarter. Doliver Advisors LP now owns 1,446 shares of the real estate investment trust’s stock worth $433,000 after purchasing an additional 36 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on PSA. Barclays reaffirmed an “overweight” rating and set a $354.00 price target (down from $361.00) on shares of Public Storage in a research note on Wednesday. Wells Fargo & Company reduced their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and upped their price objective for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Truist Financial lifted their price objective on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Finally, Royal Bank of Canada lowered their target price on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. Seven equities research analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $339.69.

Public Storage Trading Down 3.6 %

Shares of PSA stock opened at $292.66 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. The company has a market capitalization of $51.34 billion, a price-to-earnings ratio of 30.39, a PEG ratio of 4.91 and a beta of 0.73. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The company has a 50-day simple moving average of $299.84 and a two-hundred day simple moving average of $324.01.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.10%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage’s dividend payout ratio is presently 112.89%.

About Public Storage

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.