Prime Capital Investment Advisors LLC Increases Stock Holdings in Public Storage (NYSE:PSA)

Prime Capital Investment Advisors LLC lifted its position in shares of Public Storage (NYSE:PSA) by 168.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,523 shares of the real estate investment trust’s stock after buying an additional 2,839 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Public Storage were worth $1,646,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ashton Thomas Private Wealth LLC lifted its holdings in shares of Public Storage by 1.0% in the third quarter. Ashton Thomas Private Wealth LLC now owns 5,971 shares of the real estate investment trust’s stock valued at $2,173,000 after purchasing an additional 60 shares in the last quarter. GSA Capital Partners LLP acquired a new position in shares of Public Storage during the 3rd quarter worth approximately $512,000. Harbour Investments Inc. lifted its stake in Public Storage by 34.0% in the 3rd quarter. Harbour Investments Inc. now owns 2,656 shares of the real estate investment trust’s stock valued at $966,000 after buying an additional 674 shares in the last quarter. Apollon Wealth Management LLC grew its holdings in Public Storage by 26.5% during the 3rd quarter. Apollon Wealth Management LLC now owns 1,688 shares of the real estate investment trust’s stock valued at $614,000 after buying an additional 354 shares during the last quarter. Finally, Laffer Tengler Investments Inc. increased its position in Public Storage by 3.4% during the third quarter. Laffer Tengler Investments Inc. now owns 1,867 shares of the real estate investment trust’s stock worth $679,000 after buying an additional 61 shares in the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Trading Down 1.0 %

PSA stock opened at $331.68 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The company has a market cap of $58.08 billion, a price-to-earnings ratio of 34.44, a PEG ratio of 4.66 and a beta of 0.70. The business has a fifty day simple moving average of $346.40 and a 200-day simple moving average of $313.25. Public Storage has a 52 week low of $251.49 and a 52 week high of $369.99.

Public Storage Dividend Announcement

The company 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 $3.00 dividend. The ex-dividend date is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.62%. Public Storage’s dividend payout ratio (DPR) is 124.61%.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Morgan Stanley upped 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. Wells Fargo & Company reduced their target price on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Citigroup lifted their price target on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Finally, Jefferies Financial Group raised their target price on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. One 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. According to data from MarketBeat, Public Storage currently has an average rating of “Moderate Buy” and a consensus target price of $339.64.

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.