Carrera Capital Advisors Acquires Shares of 6,618 Public Storage (NYSE:PSA)

Carrera Capital Advisors purchased a new stake in Public Storage (NYSE:PSA) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 6,618 shares of the real estate investment trust’s stock, valued at approximately $2,408,000.

Several other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Public Storage by 1.0% in the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock valued at $6,075,681,000 after acquiring an additional 217,487 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Public Storage by 4.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after acquiring an additional 219,391 shares during the last quarter. APG Asset Management US Inc. boosted its stake in Public Storage by 4.8% in the second quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock valued at $623,485,000 after acquiring an additional 100,000 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in Public Storage by 8.6% in the second quarter. Canada Pension Plan Investment Board now owns 1,195,785 shares of the real estate investment trust’s stock valued at $343,968,000 after acquiring an additional 95,080 shares during the last quarter. Finally, Centersquare Investment Management LLC boosted its stake in Public Storage by 17.2% in the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock valued at $343,573,000 after acquiring an additional 173,975 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Down 1.4 %

PSA traded down $4.67 during trading on Tuesday, hitting $332.23. The company had a trading volume of 435,643 shares, compared to its average volume of 715,473. The company has a market capitalization of $58.18 billion, a PE ratio of 34.67, a PEG ratio of 4.78 and a beta of 0.70. Public Storage has a one year low of $241.60 and a one year high of $369.99. The firm’s 50-day moving average price is $346.80 and its 200 day moving average price is $312.59. 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 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 3.61%. Public Storage’s payout ratio is currently 124.61%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PSA shares. Barclays reduced 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 note on Tuesday. Royal Bank of Canada reduced their price target on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research report on Friday. Morgan Stanley lifted their price target 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. Evercore ISI reduced their price target on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Finally, Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, six have assigned 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, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus target price of $339.64.

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.