Prime Capital Investment Advisors LLC Raises Stock Position in Public Storage (NYSE:PSA)

Prime Capital Investment Advisors LLC lifted its holdings in shares of Public Storage (NYSE:PSA) by 168.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,523 shares of the real estate investment trust’s stock after acquiring an additional 2,839 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Public Storage were worth $1,646,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Centersquare Investment Management LLC lifted its stake in shares of Public Storage by 17.2% during the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after purchasing an additional 173,975 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in Public Storage in the 2nd quarter worth approximately $14,301,000. Allspring Global Investments Holdings LLC boosted its holdings in Public Storage by 1.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock worth $51,762,000 after acquiring an additional 2,605 shares during the period. PGGM Investments grew its position in Public Storage by 8.0% in the second quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock valued at $48,162,000 after acquiring an additional 12,396 shares in the last quarter. Finally, Swedbank AB purchased a new stake in shares of Public Storage during the first quarter valued at approximately $17,465,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Morgan Stanley increased 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. Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a report on Thursday, August 1st. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target for the company. in a report on Monday, August 5th. Citigroup raised their price objective on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, Evercore ISI dropped their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. One investment 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. Based on data from MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus price target of $339.64.

Public Storage Stock Performance

Shares of NYSE PSA opened at $331.68 on Friday. Public Storage has a 12-month low of $251.49 and a 12-month high of $369.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The company has a market cap of $58.08 billion, a PE ratio of 34.44, a P/E/G ratio of 4.66 and a beta of 0.70. The stock has a 50 day simple moving average of $346.40 and a 200-day simple moving average of $313.25.

Public Storage Dividend Announcement

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

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.