RB Capital Management LLC Sells 76 Shares of Public Storage (NYSE:PSA)

RB Capital Management LLC cut its holdings in Public Storage (NYSE:PSA) by 1.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,072 shares of the real estate investment trust’s stock after selling 76 shares during the period. RB Capital Management LLC’s holdings in Public Storage were worth $1,482,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. OFI Invest Asset Management purchased a new stake in Public Storage in the 2nd quarter worth approximately $32,000. Prospera Private Wealth LLC purchased a new stake in Public Storage in the 3rd quarter worth approximately $34,000. Ashton Thomas Securities LLC purchased a new stake in Public Storage in the 3rd quarter worth approximately $38,000. EdgeRock Capital LLC purchased a new stake in Public Storage in the 2nd quarter worth approximately $39,000. Finally, Compagnie Lombard Odier SCmA purchased a new stake in Public Storage in the 3rd quarter worth approximately $50,000. 78.79% of the stock is owned by institutional investors.

Public Storage Stock Up 0.5 %

Shares of Public Storage stock opened at $335.67 on Tuesday. 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 stock has a market capitalization of $58.78 billion, a PE ratio of 34.86, a price-to-earnings-growth ratio of 5.56 and a beta of 0.71. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The company has a 50-day simple moving average of $339.82 and a two-hundred day simple moving average of $321.73.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.57%. Public Storage’s payout ratio is 124.61%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Jefferies Financial Group increased their target price on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Truist Financial raised their price objective on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Wells Fargo & Company lowered 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 report on Tuesday, November 5th. Barclays reduced their target price on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. Finally, Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $342.07.

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.