Edgemoor Investment Advisors Inc. Acquires 685 Shares of Public Storage (NYSE:PSA)

Edgemoor Investment Advisors Inc. grew its holdings in shares of Public Storage (NYSE:PSA) by 2.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 26,408 shares of the real estate investment trust’s stock after buying an additional 685 shares during the quarter. Edgemoor Investment Advisors Inc.’s holdings in Public Storage were worth $7,908,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of PSA. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Public Storage by 732.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock valued at $561,763,000 after buying an additional 1,358,493 shares during the last quarter. Adelante Capital Management LLC boosted its holdings in shares of Public Storage by 389.9% in the third quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock valued at $532,465,000 after purchasing an additional 1,164,630 shares during the period. FMR LLC boosted its holdings in shares of Public Storage by 20.9% in the third quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock valued at $1,828,763,000 after purchasing an additional 869,066 shares during the period. Daiwa Securities Group Inc. boosted its holdings in shares of Public Storage by 57.3% in the third quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust’s stock valued at $405,278,000 after purchasing an additional 405,847 shares during the period. Finally, Amundi boosted its holdings in shares of Public Storage by 54.0% in the fourth quarter. Amundi now owns 779,882 shares of the real estate investment trust’s stock valued at $230,426,000 after purchasing an additional 273,486 shares during the period. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of PSA opened at $298.29 on Monday. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The stock has a fifty day moving average price of $299.80 and a 200-day moving average price of $323.47. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The firm has a market cap of $52.33 billion, a PE ratio of 30.98, a P/E/G ratio of 4.91 and a beta of 0.73.

Public Storage Dividend Announcement

The firm also recently disclosed 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 annualized dividend and a dividend yield of 4.02%. Public Storage’s dividend payout ratio is presently 112.89%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PSA. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and boosted their price target for the company from $298.00 to $299.00 in a report on Friday, January 10th. Royal Bank of Canada lowered their price target on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a report on Wednesday, February 26th. Wells Fargo & Company lowered their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Scotiabank lowered their target price on Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a report on Wednesday, March 5th. Finally, Truist Financial upped their target price on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Seven analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $339.69.

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.