Erste Asset Management GmbH Acquires Shares of 22,900 Public Storage (NYSE:PSA)

Erste Asset Management GmbH bought a new stake in shares of Public Storage (NYSE:PSA) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 22,900 shares of the real estate investment trust’s stock, valued at approximately $8,167,000.

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

Public Storage Price Performance

NYSE:PSA opened at $348.05 on Monday. The business’s 50-day simple moving average is $342.76 and its two-hundred day simple moving average is $319.51. Public Storage has a 52 week low of $255.78 and a 52 week high of $369.99. The stock has a market cap of $60.95 billion, a PE ratio of 36.14, a P/E/G 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 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.45%. The ex-dividend date is Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PSA. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Jefferies Financial Group increased their price objective on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Barclays cut their target price on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. Royal Bank of Canada reduced their price target on shares of 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 upped their target price on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Public Storage currently has an average rating of “Moderate Buy” and a consensus 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.