Public Storage (NYSE:PSA) Shares Acquired by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. lifted its position in Public Storage (NYSE:PSA) by 31.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,360 shares of the real estate investment trust’s stock after purchasing an additional 1,782 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Public Storage were worth $2,678,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. OFI Invest Asset Management acquired a new stake in shares of Public Storage in the second quarter valued at approximately $32,000. Opal Wealth Advisors LLC acquired a new stake in Public Storage during the 2nd quarter worth $36,000. Ashton Thomas Securities LLC purchased a new position in Public Storage during the 3rd quarter worth $38,000. Crewe Advisors LLC acquired a new position in Public Storage in the first quarter valued at $39,000. Finally, EdgeRock Capital LLC acquired a new position in Public Storage in the second quarter valued at $39,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

PSA has been the topic of a number of research reports. Wells Fargo & Company lowered their price target on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a report on Monday, August 5th. Jefferies Financial Group increased their price target on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Evercore ISI dropped their price objective 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. Finally, Morgan Stanley raised their target price on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. One equities 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $339.64.

Public Storage Stock Up 1.0 %

PSA opened at $335.01 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 cap of $58.66 billion, a price-to-earnings ratio of 34.79, a PEG ratio of 5.57 and a beta of 0.70. Public Storage has a one year low of $251.49 and a one year high of $369.99. The business’s fifty day moving average is $345.99 and its two-hundred day moving average is $313.88.

Public Storage Dividend Announcement

The firm 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. The ex-dividend date is Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 3.58%. Public Storage’s dividend payout ratio (DPR) is currently 124.61%.

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.