Hilton Capital Management LLC Has $14.86 Million Stake in Public Storage (NYSE:PSA)

Hilton Capital Management LLC increased its stake in Public Storage (NYSE:PSA) by 103.0% in the 3rd quarter, Holdings Channel reports. The firm owned 40,832 shares of the real estate investment trust’s stock after purchasing an additional 20,720 shares during the period. Public Storage accounts for approximately 1.2% of Hilton Capital Management LLC’s holdings, making the stock its 19th biggest position. Hilton Capital Management LLC’s holdings in Public Storage were worth $14,858,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PSA. Commerce Bank lifted its position in Public Storage by 16.1% during the 3rd quarter. Commerce Bank now owns 62,401 shares of the real estate investment trust’s stock worth $22,706,000 after acquiring an additional 8,654 shares during the last quarter. Prospera Private Wealth LLC acquired a new position in shares of Public Storage during the 3rd quarter worth about $34,000. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Public Storage during the 3rd quarter valued at approximately $1,415,000. Fifth Third Wealth Advisors LLC grew its holdings in Public Storage by 5.0% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 1,392 shares of the real estate investment trust’s stock valued at $507,000 after buying an additional 66 shares during the last quarter. Finally, Chesapeake Wealth Management increased its position in Public Storage by 2.2% in the 3rd quarter. Chesapeake Wealth Management now owns 1,538 shares of the real estate investment trust’s stock worth $560,000 after buying an additional 33 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Down 0.8 %

PSA opened at $334.50 on Wednesday. The firm has a market cap of $58.57 billion, a price-to-earnings ratio of 34.74, a PEG ratio of 5.57 and a beta of 0.70. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The firm’s 50-day simple moving average is $345.22 and its 200-day simple moving average is $315.64. Public Storage has a twelve month low of $251.49 and a twelve month high of $369.99.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a dividend of $3.00 per share. The ex-dividend date is Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 3.59%. Public Storage’s dividend payout ratio is 124.61%.

Wall Street Analysts Forecast Growth

PSA has been the topic of several research analyst reports. Royal Bank of Canada lowered their price objective on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a report on Monday, August 5th. Jefferies Financial Group increased their target price on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Scotiabank boosted their price target on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. Finally, Wells Fargo & Company cut their price target on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $339.64.

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.