Sunbelt Securities Inc. Increases Holdings in Public Storage (NYSE:PSA)

Sunbelt Securities Inc. grew its stake in Public Storage (NYSE:PSA) by 42.3% during the 3rd quarter, HoldingsChannel reports. The fund owned 919 shares of the real estate investment trust’s stock after purchasing an additional 273 shares during the quarter. Sunbelt Securities Inc.’s holdings in Public Storage were worth $334,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Petredis Investment Advisors LLC boosted its stake in Public Storage by 0.4% in the 3rd quarter. Petredis Investment Advisors LLC now owns 6,862 shares of the real estate investment trust’s stock worth $2,497,000 after purchasing an additional 30 shares in the last quarter. S.A. Mason LLC lifted its stake in shares of Public Storage by 3.8% in the third quarter. S.A. Mason LLC now owns 825 shares of the real estate investment trust’s stock worth $300,000 after buying an additional 30 shares in the last quarter. Haverford Trust Co grew its holdings in shares of Public Storage by 0.7% during the third quarter. Haverford Trust Co now owns 4,282 shares of the real estate investment trust’s stock valued at $1,558,000 after buying an additional 30 shares during the last quarter. Huntington National Bank increased its position in shares of Public Storage by 5.4% during the third quarter. Huntington National Bank now owns 645 shares of the real estate investment trust’s stock valued at $235,000 after acquiring an additional 33 shares in the last quarter. Finally, Chesapeake Wealth Management raised its holdings 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 acquiring an additional 33 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on PSA shares. Evercore ISI cut their target price on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Wells Fargo & Company dropped their price objective on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Truist Financial boosted their target price on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Morgan Stanley raised their price target on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Citigroup boosted their price objective 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. One analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Public Storage has an average rating of “Moderate Buy” and a consensus target price of $342.07.

Public Storage Trading Down 0.1 %

NYSE:PSA opened at $317.62 on Friday. The firm has a market capitalization of $55.62 billion, a price-to-earnings ratio of 32.98, a price-to-earnings-growth ratio of 5.38 and a beta of 0.71. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The business has a fifty day moving average price of $337.34 and a 200-day moving average price of $322.43. Public Storage has a one year low of $256.31 and a one year high of $369.99.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s payout ratio is 124.61%.

About Public Storage

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.