Brooklyn Investment Group Increases Stake in Public Storage (NYSE:PSA)

Brooklyn Investment Group increased its position in Public Storage (NYSE:PSA) by 5.8% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,114 shares of the real estate investment trust’s stock after acquiring an additional 61 shares during the quarter. Brooklyn Investment Group’s holdings in Public Storage were worth $405,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new position in Public Storage during the 2nd quarter valued at about $32,000. Prospera Private Wealth LLC purchased a new position in Public Storage during the 3rd quarter valued at about $34,000. Opal Wealth Advisors LLC purchased a new position in Public Storage during the 2nd quarter valued at about $36,000. Ashton Thomas Securities LLC purchased a new position in Public Storage during the 3rd quarter valued at about $38,000. Finally, EdgeRock Capital LLC purchased a new position in Public Storage during the 2nd quarter valued at about $39,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of PSA stock opened at $350.04 on Wednesday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a fifty-two week low of $252.96 and a fifty-two week high of $369.99. The stock has a 50 day moving average price of $343.37 and a two-hundred day moving average price of $318.06. The company has a market capitalization of $61.30 billion, a P/E ratio of 36.35, a PEG ratio of 5.78 and a beta of 0.70.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a $3.00 dividend. The ex-dividend date is Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 3.43%. Public Storage’s payout ratio is currently 124.61%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PSA. Scotiabank lifted their target price on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target for the company. in a research report on Thursday, August 1st. Jefferies Financial Group lifted their price target on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Finally, Wells Fargo & Company dropped their price target on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average 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.