Claro Advisors LLC Purchases New Stake in Public Storage (NYSE:PSA)

Claro Advisors LLC acquired a new position in shares of Public Storage (NYSE:PSA) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 624 shares of the real estate investment trust’s stock, valued at approximately $227,000.

A number of other large investors also recently added to or reduced their stakes in the business. Chesapeake Capital Corp IL bought a new position in Public Storage in the third quarter valued at approximately $857,000. Natixis Advisors LLC lifted its stake in shares of Public Storage by 2.6% in the 3rd quarter. Natixis Advisors LLC now owns 62,958 shares of the real estate investment trust’s stock valued at $22,908,000 after purchasing an additional 1,578 shares during the period. Meridian Investment Counsel Inc. bought a new position in shares of Public Storage in the 3rd quarter worth $211,000. Empowered Funds LLC grew its stake in shares of Public Storage by 9.5% during the third quarter. Empowered Funds LLC now owns 2,530 shares of the real estate investment trust’s stock worth $921,000 after purchasing an additional 220 shares during the period. Finally, Signature Estate & Investment Advisors LLC bought a new stake in Public Storage in the third quarter valued at about $233,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PSA has been the topic of a number of recent analyst reports. Scotiabank raised their target price on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. 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. Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a report on Monday, August 5th. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target for the company. in a report on Thursday, August 1st. Finally, Evercore ISI dropped their price objective 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. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $339.64.

Public Storage Stock Down 0.8 %

NYSE:PSA opened at $334.50 on Wednesday. The company has a market cap of $58.57 billion, a PE ratio of 34.74, a PEG ratio of 5.57 and a beta of 0.70. The stock has a 50-day simple moving average of $345.22 and a 200 day simple moving average of $315.64. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a 52-week low of $251.49 and a 52-week high of $369.99.

Public Storage Announces Dividend

The firm 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. The ex-dividend date is Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 3.59%. Public Storage’s payout ratio is currently 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.