Rodgers Brothers Inc. Invests $1.33 Million in Public Storage (NYSE:PSA)

Rodgers Brothers Inc. purchased a new stake in Public Storage (NYSE:PSA) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 4,450 shares of the real estate investment trust’s stock, valued at approximately $1,333,000.

Other large investors have also added to or reduced their stakes in the company. State Street Corp lifted its position in shares of Public Storage by 0.5% during the 3rd quarter. State Street Corp now owns 10,370,658 shares of the real estate investment trust’s stock valued at $3,773,571,000 after acquiring an additional 55,123 shares during the period. Geode Capital Management LLC lifted its position in Public Storage by 1.4% during the third quarter. Geode Capital Management LLC now owns 3,931,572 shares of the real estate investment trust’s stock worth $1,425,941,000 after purchasing an additional 52,807 shares during the period. Norges Bank acquired a new stake in Public Storage during the fourth quarter worth about $931,286,000. Adelante Capital Management LLC grew its stake in Public Storage by 389.9% during the third quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock worth $532,465,000 after buying an additional 1,164,630 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Public Storage by 2.0% in the 4th quarter. Bank of New York Mellon Corp now owns 1,097,640 shares of the real estate investment trust’s stock valued at $328,677,000 after buying an additional 21,165 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on PSA shares. Barclays reaffirmed an “overweight” rating and set a $354.00 price target (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Truist Financial cut their target price on Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a research note on Tuesday, March 18th. Wells Fargo & Company decreased their price target on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Royal Bank of Canada dropped their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 26th. Finally, Scotiabank reduced their price objective on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 5th. Seven investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $338.73.

Public Storage Stock Performance

Shares of PSA stock opened at $294.25 on Monday. The firm has a market capitalization of $51.62 billion, a price-to-earnings ratio of 30.56, a PEG ratio of 4.91 and a beta of 0.73. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The business’s 50-day moving average price is $299.91 and its 200-day moving average price is $319.75. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.08%. The ex-dividend date was Thursday, March 13th. Public Storage’s payout ratio is 112.89%.

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.