Pitcairn Co. Has $375,000 Stake in Public Storage (NYSE:PSA)

Pitcairn Co. raised its position in shares of Public Storage (NYSE:PSA) by 5.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,031 shares of the real estate investment trust’s stock after purchasing an additional 51 shares during the quarter. Pitcairn Co.’s holdings in Public Storage were worth $375,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. SVB Wealth LLC lifted its stake in Public Storage by 17.8% in the 1st quarter. SVB Wealth LLC now owns 946 shares of the real estate investment trust’s stock worth $274,000 after acquiring an additional 143 shares in the last quarter. Bayesian Capital Management LP purchased a new stake in shares of Public Storage in the first quarter worth approximately $770,000. B. Riley Wealth Advisors Inc. boosted its holdings in shares of Public Storage by 19.0% during the first quarter. B. Riley Wealth Advisors Inc. now owns 2,639 shares of the real estate investment trust’s stock worth $765,000 after purchasing an additional 421 shares during the period. Plato Investment Management Ltd grew its position in Public Storage by 413.7% during the first quarter. Plato Investment Management Ltd now owns 6,128 shares of the real estate investment trust’s stock valued at $1,777,000 after purchasing an additional 4,935 shares in the last quarter. Finally, LRI Investments LLC purchased a new position in Public Storage during the first quarter valued at approximately $42,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Up 0.6 %

Public Storage stock opened at $350.04 on Wednesday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a fifty-two week low of $252.96 and a fifty-two week high of $369.99. The firm has a fifty day moving average price of $343.37 and a two-hundred day moving average price of $318.06. The firm has a market cap of $61.30 billion, a price-to-earnings ratio of 36.35, a P/E/G ratio of 5.61 and a beta of 0.70.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 3.43%. Public Storage’s payout ratio is 124.61%.

Wall Street Analyst Weigh In

PSA has been the subject of a number of research reports. Scotiabank lifted their target price on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. Wolfe Research raised Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Evercore ISI dropped their target price on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Barclays reduced their price target on Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a report on Tuesday, November 12th. Finally, Citigroup increased their price objective on Public Storage from $303.00 to $378.00 and gave the stock 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 given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Public Storage has an average rating of “Moderate Buy” and a consensus 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.