Public Storage (NYSE:PSA) Shares Bought by Gallacher Capital Management LLC

Gallacher Capital Management LLC grew its position in shares of Public Storage (NYSE:PSA) by 11.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,480 shares of the real estate investment trust’s stock after acquiring an additional 148 shares during the quarter. Gallacher Capital Management LLC’s holdings in Public Storage were worth $443,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sigma Planning Corp acquired a new stake in Public Storage during the 3rd quarter worth approximately $238,000. Apollon Wealth Management LLC increased its position in shares of Public Storage by 26.5% in the third quarter. Apollon Wealth Management LLC now owns 1,688 shares of the real estate investment trust’s stock worth $614,000 after acquiring an additional 354 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in Public Storage in the 3rd quarter valued at $512,000. Oppenheimer Asset Management Inc. increased its holdings in Public Storage by 31.9% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 7,360 shares of the real estate investment trust’s stock valued at $2,678,000 after purchasing an additional 1,782 shares in the last quarter. Finally, Oppenheimer & Co. Inc. increased its holdings in Public Storage by 13.3% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 9,308 shares of the real estate investment trust’s stock valued at $3,387,000 after purchasing an additional 1,091 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on PSA shares. Royal Bank of Canada lowered their target price on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 26th. Barclays restated an “overweight” rating and set a $354.00 target price (down from $361.00) on shares of Public Storage in a research note on Wednesday. Truist Financial increased their price target on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Wells Fargo & Company lowered their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Finally, Scotiabank reduced their target price on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a report on Wednesday, March 5th. Seven equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $339.69.

Public Storage Stock Performance

PSA stock opened at $298.29 on Friday. The stock has a market capitalization of $52.33 billion, a price-to-earnings ratio of 30.98, a PEG ratio of 4.91 and a beta of 0.73. The stock’s fifty day moving average is $299.80 and its two-hundred day moving average is $323.59. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be issued a dividend of $3.00 per share. The ex-dividend date is Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.02%. Public Storage’s dividend payout ratio (DPR) is presently 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.