Pitcairn Co. Purchases 99 Shares of Public Storage (NYSE:PSA)

Pitcairn Co. increased its position in Public Storage (NYSE:PSA) by 9.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,130 shares of the real estate investment trust’s stock after purchasing an additional 99 shares during the quarter. Pitcairn Co.’s holdings in Public Storage were worth $338,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the company. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in Public Storage by 5.0% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust’s stock valued at $16,089,000 after buying an additional 2,566 shares during the period. Capital Investment Advisors LLC raised its stake in Public Storage by 25.4% in the 4th quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust’s stock valued at $8,566,000 after acquiring an additional 5,793 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Public Storage by 30.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust’s stock valued at $40,926,000 after purchasing an additional 31,662 shares during the last quarter. Meridian Wealth Management LLC acquired a new stake in Public Storage during the 4th quarter valued at $395,000. Finally, Aew Capital Management L P boosted its position in Public Storage by 108.6% during the fourth quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust’s stock worth $131,574,000 after purchasing an additional 228,740 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Scotiabank cut their target price on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research note on Wednesday, March 5th. Royal Bank of Canada cut their price objective on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 26th. Truist Financial reduced their price objective on Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a report on Tuesday, March 18th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and increased their target price for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Finally, Barclays restated an “overweight” rating and issued a $354.00 price target (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Seven research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $338.73.

Public Storage Trading Down 3.6 %

PSA opened at $284.00 on Monday. The stock has a market capitalization of $49.82 billion, a price-to-earnings ratio of 29.49, a P/E/G ratio of 4.91 and a beta of 0.76. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The company has a 50-day simple moving average of $300.05 and a 200 day simple moving average of $317.46.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.23%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is presently 112.89%.

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.