Public Storage (NYSE:PSA) Shares Purchased by Edgestream Partners L.P.

Edgestream Partners L.P. increased its stake in shares of Public Storage (NYSE:PSA) by 17.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,732 shares of the real estate investment trust’s stock after acquiring an additional 1,166 shares during the quarter. Edgestream Partners L.P.’s holdings in Public Storage were worth $2,813,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. L.M. Kohn & Company acquired a new stake in Public Storage during the 3rd quarter worth $235,000. Caisse DE Depot ET Placement DU Quebec increased its stake in Public Storage by 226.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 130,001 shares of the real estate investment trust’s stock valued at $47,303,000 after purchasing an additional 90,176 shares during the period. Fred Alger Management LLC acquired a new position in Public Storage in the third quarter valued at $1,568,000. Walleye Capital LLC acquired a new position in Public Storage in the third quarter valued at $262,000. Finally, Isthmus Partners LLC increased its stake in Public Storage by 1.3% in the third quarter. Isthmus Partners LLC now owns 41,396 shares of the real estate investment trust’s stock valued at $15,063,000 after purchasing an additional 548 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have commented on PSA. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Scotiabank lifted their price objective on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a research note on Monday, August 5th. Jefferies Financial Group lifted their price objective on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, Wells Fargo & Company dropped their price objective on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $339.64.

Public Storage Stock Down 0.9 %

PSA stock opened at $348.05 on Monday. The company has a market cap of $60.95 billion, a P/E ratio of 36.14, a P/E/G ratio of 5.79 and a beta of 0.70. Public Storage has a 52 week low of $255.78 and a 52 week high of $369.99. The company’s 50-day moving average price is $342.76 and its 200 day moving average price is $319.51. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Announces Dividend

The business 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 dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio 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.