Rodgers Brothers Inc. Purchases Shares of 4,450 Public Storage (NYSE:PSA)

Rodgers Brothers Inc. acquired a new position in shares of Public Storage (NYSE:PSA) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,450 shares of the real estate investment trust’s stock, valued at approximately $1,333,000.

A number of other hedge funds have also modified their holdings of PSA. Alliancebernstein L.P. boosted its position in Public Storage by 0.7% during the 4th quarter. Alliancebernstein L.P. now owns 483,735 shares of the real estate investment trust’s stock worth $144,850,000 after acquiring an additional 3,596 shares during the last quarter. Meeder Asset Management Inc. lifted its position in shares of Public Storage by 1,360.5% in the fourth quarter. Meeder Asset Management Inc. now owns 1,256 shares of the real estate investment trust’s stock worth $376,000 after purchasing an additional 1,170 shares in the last quarter. Hazlett Burt & Watson Inc. boosted its holdings in Public Storage by 2,710.0% during the fourth quarter. Hazlett Burt & Watson Inc. now owns 281 shares of the real estate investment trust’s stock worth $84,000 after purchasing an additional 271 shares during the last quarter. O Shaughnessy Asset Management LLC grew its position in Public Storage by 39.1% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 27,000 shares of the real estate investment trust’s stock valued at $8,085,000 after purchasing an additional 7,589 shares in the last quarter. Finally, Physician Wealth Advisors Inc. acquired a new stake in Public Storage in the 4th quarter valued at $125,000. 78.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PSA. Scotiabank decreased their price objective 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. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and raised their price target for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Truist Financial dropped their price objective on Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a research note on Tuesday, March 18th. Barclays reissued an “overweight” rating and issued a $354.00 target price (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Finally, Royal Bank of Canada dropped their price target on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 26th. Seven equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $338.73.

Public Storage Stock Performance

NYSE PSA opened at $294.25 on Monday. The stock has a market cap of $51.62 billion, a PE ratio of 30.56, a P/E/G ratio of 4.91 and a beta of 0.73. 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 50-day moving average of $299.91 and a 200-day moving average of $319.75. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were paid a dividend of $3.00 per share. The ex-dividend date was Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.08%. Public Storage’s dividend payout ratio (DPR) is currently 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.