Isthmus Partners LLC Acquires 548 Shares of Public Storage (NYSE:PSA)

Isthmus Partners LLC raised its holdings in shares of Public Storage (NYSE:PSA) by 1.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 41,396 shares of the real estate investment trust’s stock after acquiring an additional 548 shares during the quarter. Public Storage makes up approximately 1.8% of Isthmus Partners LLC’s holdings, making the stock its 16th biggest position. Isthmus Partners LLC’s holdings in Public Storage were worth $15,063,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Northwest & Ethical Investments L.P. grew its stake in shares of Public Storage by 18.9% in the third quarter. Northwest & Ethical Investments L.P. now owns 38,548 shares of the real estate investment trust’s stock valued at $14,026,000 after buying an additional 6,124 shares in the last quarter. Vinva Investment Management Ltd grew its stake in shares of Public Storage by 14.7% in the third quarter. Vinva Investment Management Ltd now owns 7,266 shares of the real estate investment trust’s stock valued at $2,591,000 after buying an additional 933 shares in the last quarter. Financial Counselors Inc. bought a new position in shares of Public Storage in the third quarter valued at $950,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Public Storage by 732.9% in 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 in the last quarter. Finally, Public Sector Pension Investment Board grew its stake in shares of Public Storage by 25.1% in the third quarter. Public Sector Pension Investment Board now owns 27,470 shares of the real estate investment trust’s stock valued at $9,996,000 after buying an additional 5,507 shares in the last quarter. 78.79% of the stock is owned by institutional investors.

Public Storage Stock Up 0.4 %

PSA stock opened at $351.36 on Friday. The company has a market cap of $61.53 billion, a PE ratio of 36.49, a price-to-earnings-growth ratio of 5.84 and a beta of 0.70. The business has a 50-day simple moving average of $343.04 and a 200 day simple moving average of $318.52. Public Storage has a 52 week low of $253.98 and a 52 week high of $369.99. 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 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio is presently 124.61%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price for the company. in a research note on Thursday, August 1st. Wells Fargo & Company decreased their target price on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Citigroup raised their target price on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Barclays cut 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. Finally, Scotiabank raised their price target on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and an average price target of $339.64.

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.