Public Storage (NYSE:PSA) Shares Purchased by Edgemoor Investment Advisors Inc.

Edgemoor Investment Advisors Inc. lifted its position in Public Storage (NYSE:PSA) by 2.7% during the 4th quarter, Holdings Channel.com reports. The fund owned 26,408 shares of the real estate investment trust’s stock after acquiring an additional 685 shares during the period. Edgemoor Investment Advisors Inc.’s holdings in Public Storage were worth $7,908,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quent Capital LLC grew its position in Public Storage by 135.1% during the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 50 shares during the period. Prospera Private Wealth LLC acquired a new stake in Public Storage during the 3rd quarter worth about $34,000. Synergy Asset Management LLC acquired a new stake in Public Storage during the 4th quarter worth about $38,000. Toth Financial Advisory Corp grew its position in Public Storage by 48.2% during the 4th quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock worth $61,000 after purchasing an additional 66 shares during the period. Finally, Parkworth Wealth Management Inc. acquired a new stake in Public Storage during the 4th quarter worth about $67,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Trading Up 1.8 %

Shares of Public Storage stock opened at $298.29 on Monday. The firm has a market capitalization of $52.33 billion, a PE ratio of 30.98, a P/E/G ratio of 4.91 and a beta of 0.73. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The firm’s 50-day moving average price is $299.80 and its 200 day moving average price is $323.47. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is 112.89%.

Analysts Set New Price Targets

PSA has been the topic of several analyst reports. Wells Fargo & Company cut their price target on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Royal Bank of Canada lowered their target price on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 26th. Truist Financial increased their target price on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. Barclays reissued an “overweight” rating and set a $354.00 target price (down from $361.00) on shares of Public Storage in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and increased their target price for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Seven research analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $339.69.

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.