Carrera Capital Advisors Buys New Position in Public Storage (NYSE:PSA)

Carrera Capital Advisors purchased a new stake in Public Storage (NYSE:PSA - Free Report) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 6,618 shares of the real estate investment trust's stock, valued at approximately $2,408,000.

Several other large investors also recently made changes to their positions in the business. Petredis Investment Advisors LLC lifted its position in shares of Public Storage by 0.4% in the 3rd quarter. Petredis Investment Advisors LLC now owns 6,862 shares of the real estate investment trust's stock valued at $2,497,000 after acquiring an additional 30 shares in the last quarter. S.A. Mason LLC lifted its holdings in shares of Public Storage by 3.8% in the third quarter. S.A. Mason LLC now owns 825 shares of the real estate investment trust's stock valued at $300,000 after purchasing an additional 30 shares in the last quarter. Yoder Wealth Management Inc. boosted its position in shares of Public Storage by 5.0% in the third quarter. Yoder Wealth Management Inc. now owns 763 shares of the real estate investment trust's stock worth $278,000 after buying an additional 36 shares during the period. Assenagon Asset Management S.A. grew its holdings in shares of Public Storage by 0.9% during the second quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust's stock valued at $1,201,000 after buying an additional 39 shares in the last quarter. Finally, Rise Advisors LLC grew its holdings in shares of Public Storage by 3.4% during the third quarter. Rise Advisors LLC now owns 1,275 shares of the real estate investment trust's stock valued at $464,000 after buying an additional 42 shares in the last quarter. Institutional investors own 78.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Royal Bank of Canada decreased their target price on shares of Public Storage from $358.00 to $344.00 and set a "sector perform" rating for the company in a research note on Friday. Bank of America downgraded Public Storage from a "buy" rating to a "neutral" rating and set a $318.00 price objective on the stock. in a report on Monday, August 5th. Wolfe Research raised shares of Public Storage to a "strong-buy" rating in a research report on Wednesday, September 4th. Truist Financial downgraded 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 report on Thursday, August 1st. Finally, Scotiabank lifted their price objective on shares of 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 assigned a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $339.64.

Public Storage Price Performance

Shares of NYSE PSA traded down $4.67 during midday trading on Tuesday, reaching $332.23. 435,643 shares of the company traded hands, compared to its average volume of 715,473. The stock's 50-day simple moving average is $346.80 and its 200-day simple moving average is $312.59. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a 12 month low of $241.60 and a 12 month high of $369.99. The firm has a market cap of $58.18 billion, a PE ratio of 34.67, a PEG ratio of 4.78 and a beta of 0.70.

Public Storage Announces Dividend

The company also recently declared 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. The ex-dividend date is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.61%. Public Storage's dividend payout ratio (DPR) is presently 124.61%.

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.

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