Adelante Capital Management LLC Has $532.47 Million Holdings in Public Storage (NYSE:PSA)

Adelante Capital Management LLC grew its holdings in shares of Public Storage (NYSE:PSA) by 389.9% during the 3rd quarter, HoldingsChannel reports. The fund owned 1,463,338 shares of the real estate investment trust’s stock after acquiring an additional 1,164,630 shares during the quarter. Public Storage makes up 24.1% of Adelante Capital Management LLC’s investment portfolio, making the stock its biggest position. Adelante Capital Management LLC’s holdings in Public Storage were worth $532,465,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Petredis Investment Advisors LLC grew its position in Public Storage by 0.4% during the 3rd quarter. Petredis Investment Advisors LLC now owns 6,862 shares of the real estate investment trust’s stock worth $2,497,000 after acquiring an additional 30 shares during the last quarter. S.A. Mason LLC boosted its position in Public Storage by 3.8% during the 3rd quarter. S.A. Mason LLC now owns 825 shares of the real estate investment trust’s stock valued at $300,000 after buying an additional 30 shares during the period. Haverford Trust Co grew its stake in shares of 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 worth $1,558,000 after purchasing an additional 30 shares during the last quarter. Huntington National Bank lifted its holdings in Public Storage by 5.4% in the 3rd quarter. Huntington National Bank now owns 645 shares of the real estate investment trust’s stock worth $235,000 after buying an additional 33 shares during the period. Finally, Chesapeake Wealth Management grew its position in shares of Public Storage by 2.2% in the 3rd quarter. Chesapeake Wealth Management now owns 1,538 shares of the real estate investment trust’s stock worth $560,000 after buying an additional 33 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors.

Public Storage Stock Performance

Shares of PSA stock opened at $348.05 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 $60.95 billion, a price-to-earnings ratio of 36.14, a price-to-earnings-growth ratio of 5.79 and a beta of 0.70. Public Storage has a one year low of $255.78 and a one year high of $369.99. The company’s 50-day moving average is $342.76 and its 200 day moving average is $319.29.

Public Storage Dividend Announcement

The company also recently disclosed 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. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.45%. Public Storage’s payout ratio is currently 124.61%.

Analyst Upgrades and Downgrades

PSA has been the subject of a number of research analyst reports. Morgan Stanley raised their price target on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Barclays cut their price objective on Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 12th. Royal Bank of Canada decreased their target price on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Finally, Scotiabank lifted their price target 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. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and an average price target of $339.64.

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.