Harbour Investments Inc. Acquires 674 Shares of Public Storage (NYSE:PSA)

Harbour Investments Inc. boosted its holdings in Public Storage (NYSE:PSA) by 34.0% in the third quarter, Holdings Channel reports. The firm owned 2,656 shares of the real estate investment trust’s stock after purchasing an additional 674 shares during the quarter. Harbour Investments Inc.’s holdings in Public Storage were worth $966,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in PSA. OFI Invest Asset Management bought a new position in Public Storage in the second quarter valued at $32,000. Opal Wealth Advisors LLC bought a new position in Public Storage in the second quarter valued at $36,000. Ashton Thomas Securities LLC bought a new position in Public Storage in the third quarter valued at $38,000. Crewe Advisors LLC bought a new position in Public Storage in the first quarter valued at $39,000. Finally, EdgeRock Capital LLC bought a new position in Public Storage in the second quarter valued at $39,000. Institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of Public Storage stock opened at $331.68 on Friday. Public Storage has a twelve month low of $251.49 and a twelve month high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The company has a 50-day simple moving average of $346.40 and a two-hundred day simple moving average of $313.25. The stock has a market capitalization of $58.08 billion, a price-to-earnings ratio of 34.44, a price-to-earnings-growth ratio of 4.66 and a beta of 0.70.

Public Storage Announces Dividend

The firm 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 $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.62%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is 124.61%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Jefferies Financial Group lifted their price objective on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Barclays decreased their price objective on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a research report on Tuesday. Citigroup lifted their price objective on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Evercore ISI decreased their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. One equities research 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 company’s stock. According to data from MarketBeat.com, Public Storage has an average 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.