Summit Trail Advisors LLC Has $552,000 Stake in Public Storage (NYSE:PSA)

Summit Trail Advisors LLC grew its holdings in Public Storage (NYSE:PSA) by 12.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,516 shares of the real estate investment trust’s stock after buying an additional 173 shares during the period. Summit Trail Advisors LLC’s holdings in Public Storage were worth $552,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in PSA. AQR Capital Management LLC lifted its position in shares of Public Storage by 116.7% in the second quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust’s stock valued at $111,077,000 after buying an additional 208,546 shares during the last quarter. Panagora Asset Management Inc. lifted its holdings in Public Storage by 1,980.9% during the 2nd quarter. Panagora Asset Management Inc. now owns 144,185 shares of the real estate investment trust’s stock worth $41,475,000 after purchasing an additional 137,256 shares during the last quarter. APG Asset Management US Inc. lifted its holdings in Public Storage by 4.8% during the 2nd quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock worth $623,485,000 after purchasing an additional 100,000 shares during the last quarter. Strategic Financial Concepts LLC acquired a new stake in Public Storage during the 2nd quarter worth approximately $278,000. Finally, KBC Group NV lifted its holdings in Public Storage by 54.1% during the 3rd quarter. KBC Group NV now owns 274,707 shares of the real estate investment trust’s stock worth $99,958,000 after purchasing an additional 96,494 shares during the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PSA. Jefferies Financial Group lifted their price target on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Barclays dropped 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. Evercore ISI dropped their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Morgan Stanley lifted their price target on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Citigroup raised their price objective on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $339.64.

Public Storage Trading Up 0.6 %

Shares of PSA opened at $350.04 on Wednesday. Public Storage has a 52-week low of $252.96 and a 52-week high of $369.99. The business’s fifty day moving average is $343.37 and its 200-day moving average is $318.06. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market cap of $61.30 billion, a price-to-earnings ratio of 36.35, a PEG ratio of 5.61 and a beta of 0.70.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a dividend of $3.00 per share. The ex-dividend date is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.43%. Public Storage’s dividend 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.