Signature Estate & Investment Advisors LLC Takes Position in Public Storage (NYSE:PSA)

Signature Estate & Investment Advisors LLC purchased a new stake in Public Storage (NYSE:PSA) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 639 shares of the real estate investment trust’s stock, valued at approximately $233,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PSA. Bleakley Financial Group LLC boosted its position in Public Storage by 4.9% during the 1st quarter. Bleakley Financial Group LLC now owns 1,230 shares of the real estate investment trust’s stock worth $357,000 after acquiring an additional 57 shares during the period. Intech Investment Management LLC boosted its holdings in shares of Public Storage by 91.5% during the first quarter. Intech Investment Management LLC now owns 3,743 shares of the real estate investment trust’s stock worth $1,086,000 after purchasing an additional 1,788 shares during the period. Trustmark National Bank Trust Department purchased a new position in Public Storage during the first quarter valued at approximately $204,000. O Shaughnessy Asset Management LLC increased its stake in Public Storage by 18.5% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 11,649 shares of the real estate investment trust’s stock valued at $3,379,000 after buying an additional 1,819 shares during the period. Finally, Clearbridge Investments LLC lifted its position in Public Storage by 0.3% in the 1st quarter. Clearbridge Investments LLC now owns 863,999 shares of the real estate investment trust’s stock worth $250,612,000 after buying an additional 2,971 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on PSA shares. Royal Bank of Canada cut their price objective on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Citigroup raised their price target on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Wolfe Research raised Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Barclays cut their price objective on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 12th. Finally, Morgan Stanley boosted their target price on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $339.64.

Public Storage Price Performance

Shares of NYSE:PSA opened at $335.01 on Friday. The company has a market cap of $58.66 billion, a price-to-earnings ratio of 34.79, a PEG ratio of 5.57 and a beta of 0.70. The business has a 50 day moving average price of $345.99 and a 200 day moving average price of $314.26. 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 twelve month low of $251.49 and a twelve month high of $369.99.

Public Storage Dividend Announcement

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 paid a $3.00 dividend. The ex-dividend date is Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.58%. Public Storage’s payout ratio is 124.61%.

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.