Dearborn Partners LLC Has $925,000 Stock Position in Public Storage (NYSE:PSA)

Dearborn Partners LLC increased its position in shares of Public Storage (NYSE:PSA) by 5.2% during the 3rd quarter, HoldingsChannel reports. The fund owned 2,543 shares of the real estate investment trust’s stock after purchasing an additional 125 shares during the quarter. Dearborn Partners LLC’s holdings in Public Storage were worth $925,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in PSA. Empowered Funds LLC boosted its stake in Public Storage by 18.9% in the first quarter. Empowered Funds LLC now owns 2,040 shares of the real estate investment trust’s stock valued at $592,000 after acquiring an additional 324 shares during the last quarter. Bleakley Financial Group LLC grew its stake in shares of Public Storage by 4.9% during the first quarter. Bleakley Financial Group LLC now owns 1,230 shares of the real estate investment trust’s stock worth $357,000 after purchasing an additional 57 shares during the period. First Foundation Advisors increased its holdings in Public Storage by 2.4% in the first quarter. First Foundation Advisors now owns 2,753 shares of the real estate investment trust’s stock valued at $799,000 after purchasing an additional 64 shares during the last quarter. Intech Investment Management LLC lifted its stake in Public Storage by 91.5% in the first quarter. Intech Investment Management LLC now owns 3,743 shares of the real estate investment trust’s stock valued at $1,086,000 after buying an additional 1,788 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in Public Storage by 1.0% during the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after buying an additional 217,487 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of PSA opened at $335.01 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a twelve month low of $251.49 and a twelve month high of $369.99. The stock has a market capitalization of $58.66 billion, a P/E ratio of 34.79, a P/E/G ratio of 5.57 and a beta of 0.70. The company has a 50 day moving average of $346.21 and a 200-day moving average of $313.38.

Public Storage Dividend Announcement

The firm also recently declared 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. The ex-dividend date is Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 3.58%. Public Storage’s payout ratio is currently 124.61%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Barclays lowered their price target on Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a research note on Tuesday. Scotiabank increased their target price on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. Royal Bank of Canada reduced their price target on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Morgan Stanley upped their price objective on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Finally, Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a report on Monday, August 5th. 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. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target 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.