Donald L. Hagan LLC Lowers Stock Position in Public Storage (NYSE:PSA)

Donald L. Hagan LLC cut its stake in shares of Public Storage (NYSE:PSA) by 1.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,300 shares of the real estate investment trust’s stock after selling 63 shares during the quarter. Donald L. Hagan LLC’s holdings in Public Storage were worth $1,201,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Centersquare Investment Management LLC lifted its holdings in shares of Public Storage by 17.2% in the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock valued at $343,573,000 after purchasing an additional 173,975 shares in the last quarter. Manning & Napier Advisors LLC acquired a new position in shares of Public Storage in the second quarter worth $14,301,000. Allspring Global Investments Holdings LLC lifted its position in shares of Public Storage by 1.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock valued at $51,762,000 after acquiring an additional 2,605 shares in the last quarter. PGGM Investments boosted its holdings in Public Storage by 8.0% in the second quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock valued at $48,162,000 after acquiring an additional 12,396 shares during the last quarter. Finally, Swedbank AB acquired a new stake in Public Storage during the first quarter worth about $17,465,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Down 4.7 %

Shares of Public Storage stock traded down $16.08 during trading on Wednesday, reaching $324.52. The company had a trading volume of 365,991 shares, compared to its average volume of 709,856. The company has a market cap of $56.80 billion, a price-to-earnings ratio of 35.37, a price-to-earnings-growth ratio of 4.69 and a beta of 0.70. Public Storage has a fifty-two week low of $241.60 and a fifty-two week high of $369.99. The firm’s fifty day moving average is $347.51 and its 200-day moving average is $310.54. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.70%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio is presently 124.61%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Barclays boosted their target price on Public Storage from $374.00 to $381.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Evercore ISI cut 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 research note on Monday, October 14th. Morgan Stanley upped their price target on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Scotiabank raised their price objective on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. Finally, Wolfe Research raised Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $340.71.

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.