L.M. Kohn & Company Acquires New Stake in Public Storage (NYSE:PSA)

L.M. Kohn & Company acquired a new stake in Public Storage (NYSE:PSA) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 645 shares of the real estate investment trust’s stock, valued at approximately $235,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Prospera Private Wealth LLC purchased a new stake in shares of Public Storage in the 3rd quarter valued at $34,000. Ashton Thomas Securities LLC purchased a new stake in Public Storage during the 3rd quarter worth about $38,000. OFI Invest Asset Management purchased a new stake in Public Storage during the 2nd quarter worth about $32,000. Opal Wealth Advisors LLC purchased a new stake in Public Storage during the 2nd quarter worth about $36,000. Finally, EdgeRock Capital LLC purchased a new stake in Public Storage during the 2nd quarter worth about $39,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Down 0.9 %

Shares of NYSE PSA opened at $348.05 on Friday. The stock has a market cap of $60.95 billion, a PE ratio of 36.14, a price-to-earnings-growth ratio of 5.79 and a beta of 0.70. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 52-week low of $255.78 and a 52-week high of $369.99. The business has a 50-day moving average price of $342.76 and a 200 day moving average price of $319.29.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a dividend of $3.00 per share. 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 124.61%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Citigroup upped their price target on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Wells Fargo & Company lowered their price objective on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Royal Bank of Canada lowered their price objective 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, Evercore ISI lowered their price objective on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus price target of $339.64.

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.