Public Storage (NYSE:PSA) Stake Boosted by Reynders McVeigh Capital Management LLC

Reynders McVeigh Capital Management LLC increased its stake in Public Storage (NYSE:PSA) by 15.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 918 shares of the real estate investment trust’s stock after purchasing an additional 125 shares during the quarter. Reynders McVeigh Capital Management LLC’s holdings in Public Storage were worth $334,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Prospera Private Wealth LLC purchased a new position in Public Storage during the 3rd quarter valued at about $34,000. Ashton Thomas Securities LLC purchased a new position in Public Storage during the 3rd quarter valued at about $38,000. OFI Invest Asset Management purchased a new position in Public Storage during the 2nd quarter valued at about $32,000. Opal Wealth Advisors LLC purchased a new position in Public Storage during the 2nd quarter valued at about $36,000. Finally, EdgeRock Capital LLC purchased a new position in Public Storage during the 2nd quarter valued at about $39,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Down 0.5 %

PSA opened at $334.42 on Thursday. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. 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 stock has a market capitalization of $58.56 billion, a price-to-earnings ratio of 34.73, a P/E/G ratio of 5.59 and a beta of 0.71. The business has a 50 day moving average of $341.32 and a 200-day moving average of $320.35.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a $3.00 dividend. The ex-dividend date is Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.59%. Public Storage’s dividend payout ratio is 124.61%.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Wolfe Research raised Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Evercore ISI lowered their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Jefferies Financial Group boosted their price target on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Royal Bank of Canada lowered their price target on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Finally, Scotiabank boosted their price target on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. One analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Public Storage presently has a consensus 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.