Hendershot Investments Inc. Sells 180 Shares of Public Storage (NYSE:PSA)

Hendershot Investments Inc. trimmed its position in shares of Public Storage (NYSE:PSA) by 5.4% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 3,147 shares of the real estate investment trust’s stock after selling 180 shares during the quarter. Hendershot Investments Inc.’s holdings in Public Storage were worth $1,145,000 at the end of the most recent reporting period.

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

Public Storage Price Performance

NYSE PSA opened at $333.95 on Friday. The stock has a market cap of $58.48 billion, a price-to-earnings ratio of 34.68, a PEG ratio of 5.57 and a beta of 0.71. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The company’s 50 day moving average is $340.84 and its two-hundred day moving average is $320.43. 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 Dividend Announcement

The company also recently announced 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. This represents a $12.00 annualized dividend and a yield of 3.59%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio is currently 124.61%.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Morgan Stanley boosted their price objective on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Jefferies Financial Group upped 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. Truist Financial upped their price target on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday. Evercore ISI reduced their target price on 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, Wolfe Research raised Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Public Storage currently has an average rating of “Moderate Buy” and an average target price of $342.07.

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.