Clarity Financial LLC Raises Stock Holdings in Public Storage (NYSE:PSA)

Clarity Financial LLC increased its position in Public Storage (NYSE:PSA) by 6.3% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 23,407 shares of the real estate investment trust’s stock after purchasing an additional 1,388 shares during the period. Clarity Financial LLC’s holdings in Public Storage were worth $8,517,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in PSA. Canada Pension Plan Investment Board increased its stake in shares of Public Storage by 34.4% in the first quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock worth $319,270,000 after buying an additional 281,800 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings 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 in the last quarter. Vanguard Group Inc. boosted its holdings 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 in the last quarter. AQR Capital Management LLC boosted its holdings in Public Storage by 116.7% in the second quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust’s stock valued at $111,077,000 after acquiring an additional 208,546 shares in the last quarter. Finally, Centersquare Investment Management LLC boosted its holdings 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 in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PSA has been the topic of several recent analyst reports. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Barclays lifted their price target on shares of Public Storage from $374.00 to $381.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Evercore ISI cut 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 report on Monday, October 14th. Citigroup boosted their target price on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Jefferies Financial Group boosted their target price on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. 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 assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $341.43.

Public Storage Stock Performance

Shares of Public Storage stock opened at $332.56 on Tuesday. The stock has a market cap of $58.20 billion, a price-to-earnings ratio of 34.53, a PEG ratio of 4.56 and a beta of 0.70. The firm’s 50-day moving average is $347.55 and its 200 day moving average is $309.98. Public Storage has a 1 year low of $241.60 and a 1 year high of $369.99. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97.

Public Storage Announces Dividend

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

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.