Oppenheimer Asset Management Inc. Grows Position in Public Storage (NYSE:PSA)

Oppenheimer Asset Management Inc. grew its stake in Public Storage (NYSE:PSA) by 31.9% during the 3rd quarter, Holdings Channel reports. The fund owned 7,360 shares of the real estate investment trust’s stock after acquiring an additional 1,782 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Public Storage were worth $2,678,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in PSA. Ashton Thomas Securities LLC purchased a new position in Public Storage in the 3rd quarter valued at about $38,000. OFI Invest Asset Management acquired a new position in shares of Public Storage in the second quarter valued at approximately $32,000. Opal Wealth Advisors LLC purchased a new position in shares of Public Storage during the second quarter valued at approximately $36,000. Crewe Advisors LLC acquired a new stake in Public Storage during the first quarter worth approximately $39,000. Finally, EdgeRock Capital LLC purchased a new stake in Public Storage in the 2nd quarter worth approximately $39,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of NYSE PSA opened at $335.01 on Friday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a 1-year low of $251.49 and a 1-year high of $369.99. The company has a market capitalization of $58.66 billion, a price-to-earnings ratio of 34.79, a PEG ratio of 5.57 and a beta of 0.70. The business has a 50-day moving average of $345.99 and a 200-day moving average of $313.88.

Public Storage Dividend Announcement

The company also recently disclosed 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 annualized dividend and a yield of 3.58%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is 124.61%.

Analyst Upgrades and Downgrades

PSA has been the topic of several analyst reports. Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a report on Thursday, August 1st. Jefferies Financial Group lifted their price target on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Evercore ISI decreased their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Royal Bank of Canada dropped their price target on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Finally, Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus 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.