Townsquare Capital LLC Buys 1,189 Shares of Public Storage (NYSE:PSA)

Townsquare Capital LLC raised its stake in Public Storage (NYSE:PSA) by 42.6% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 3,981 shares of the real estate investment trust’s stock after buying an additional 1,189 shares during the period. Townsquare Capital LLC’s holdings in Public Storage were worth $1,449,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BNP Paribas Financial Markets boosted its holdings in shares of Public Storage by 80.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 218,867 shares of the real estate investment trust’s stock valued at $79,639,000 after acquiring an additional 97,302 shares in the last quarter. Shum Financial Group Inc. bought a new position in Public Storage in the third quarter valued at about $728,000. Avestar Capital LLC acquired a new stake in shares of Public Storage during the third quarter valued at about $252,000. Brooklyn Investment Group grew its holdings in shares of Public Storage by 5.8% during the third quarter. Brooklyn Investment Group now owns 1,114 shares of the real estate investment trust’s stock worth $405,000 after purchasing an additional 61 shares during the last quarter. Finally, D.A. Davidson & CO. increased its stake in shares of Public Storage by 2.8% in the third quarter. D.A. Davidson & CO. now owns 9,173 shares of the real estate investment trust’s stock valued at $3,338,000 after buying an additional 252 shares during the period. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

NYSE:PSA opened at $348.05 on Monday. 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 $255.78 and a twelve month high of $369.99. The company has a fifty day moving average of $342.76 and a 200-day moving average of $319.51. The firm has a market capitalization of $60.95 billion, a P/E ratio of 36.14, a P/E/G ratio of 5.79 and a beta of 0.70.

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 paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.45%. The ex-dividend date is Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is currently 124.61%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Barclays cut their target price on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 12th. Morgan Stanley boosted their price objective on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Citigroup increased their price objective on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Royal Bank of Canada cut their target price on Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Finally, Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target for the company. in a research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.