Whitener Capital Management Inc. acquired a new stake in Public Storage (NYSE:PSA – Free Report) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 707 shares of the real estate investment trust’s stock, valued at approximately $206,000.
Several other institutional investors also recently bought and sold shares of PSA. AMI Investment Management Inc. acquired a new stake in shares of Public Storage in the first quarter worth approximately $267,000. Blair William & Co. IL boosted its stake in shares of Public Storage by 7.3% in the first quarter. Blair William & Co. IL now owns 2,668 shares of the real estate investment trust’s stock worth $1,041,000 after acquiring an additional 182 shares during the last quarter. Prudential PLC acquired a new stake in shares of Public Storage in the first quarter worth approximately $1,374,000. Sequoia Financial Advisors LLC acquired a new stake in shares of Public Storage in the first quarter worth approximately $398,000. Finally, Candriam Luxembourg S.C.A. boosted its stake in Public Storage by 19.0% during the first quarter. Candriam Luxembourg S.C.A. now owns 13,506 shares of the real estate investment trust’s stock worth $5,271,000 after buying an additional 2,156 shares during the last quarter. 78.75% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
PSA has been the topic of a number of recent research reports. StockNews.com initiated coverage on Public Storage in a research note on Wednesday, August 23rd. They set a “hold” rating on the stock. JPMorgan Chase & Co. lowered their price objective on Public Storage from $338.00 to $324.00 in a research note on Tuesday, June 13th. Truist Financial lowered their price objective on Public Storage from $320.00 to $305.00 and set a “buy” rating on the stock in a research note on Tuesday, August 29th. Finally, Stifel Nicolaus lowered their price objective on Public Storage from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, September 13th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Public Storage currently has a consensus rating of “Hold” and an average target price of $317.20.
Public Storage Stock Up 0.3 %
NYSE PSA traded up $0.78 during trading hours on Tuesday, hitting $270.66. 328,226 shares of the company were exchanged, compared to its average volume of 949,778. The company has a 50 day moving average of $282.27 and a two-hundred day moving average of $288.52. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 1.19. Public Storage has a 52-week low of $266.01 and a 52-week high of $316.48. The firm has a market cap of $47.59 billion, a price-to-earnings ratio of 11.69, a PEG ratio of 3.42 and a beta of 0.46.
Public Storage Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Wednesday, September 13th will be given a dividend of $3.00 per share. The ex-dividend date of this dividend is Tuesday, September 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.43%. Public Storage’s dividend payout ratio is currently 51.97%.
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 June 30, 2023, we had: (i) interests in 2,888 self-storage facilities located in 40 states with approximately 206 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 266 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.
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