Benjamin Edwards Inc. Acquires 9,684 Shares of Public Storage (NYSE:PSA)

Benjamin Edwards Inc. boosted its stake in Public Storage (NYSE:PSA - Free Report) by 464.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,768 shares of the real estate investment trust's stock after purchasing an additional 9,684 shares during the period. Benjamin Edwards Inc.'s holdings in Public Storage were worth $4,284,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of PSA. Prospera Private Wealth LLC purchased a new position in shares of Public Storage during the third quarter valued at approximately $34,000. Ashton Thomas Securities LLC purchased a new stake in Public Storage in the third quarter worth $38,000. OFI Invest Asset Management bought a new stake in Public Storage in the second quarter worth $32,000. Opal Wealth Advisors LLC bought a new stake in Public Storage in the second quarter worth $36,000. Finally, EdgeRock Capital LLC bought a new stake in Public Storage in the second quarter worth $39,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Citigroup boosted their target price on Public Storage from $303.00 to $378.00 and gave the stock a "buy" rating in a report on Friday, August 30th. Barclays dropped their target price on Public Storage from $381.00 to $380.00 and set an "overweight" rating on the stock in a report on Tuesday, November 12th. Evercore ISI lowered their price target on Public Storage from $343.00 to $338.00 and set an "in-line" rating on the stock in a report on Monday, October 14th. Jefferies Financial Group upped 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. Finally, Wells Fargo & Company lowered their price target on Public Storage from $375.00 to $365.00 and set an "overweight" rating on the stock in a report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $339.64.

Public Storage Price Performance

Public Storage stock traded down $1.67 during midday trading on Wednesday, reaching $334.42. 468,970 shares of the stock traded hands, compared to its average volume of 712,800. The stock's fifty day moving average is $341.32 and its 200-day moving average is $320.35. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The stock has a market cap of $58.56 billion, a P/E ratio of 34.73, a PEG ratio of 5.72 and a beta of 0.71. 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 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage's payout ratio is presently 124.61%.

Public Storage Company 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.