HighTower Advisors LLC Increases Stock Holdings in Public Storage (NYSE:PSA)

HighTower Advisors LLC increased its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 0.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 349,663 shares of the real estate investment trust's stock after acquiring an additional 1,969 shares during the quarter. HighTower Advisors LLC owned about 0.20% of Public Storage worth $127,241,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Mather Group LLC. increased its holdings in Public Storage by 8.8% in the 2nd quarter. Mather Group LLC. now owns 1,196 shares of the real estate investment trust's stock valued at $347,000 after buying an additional 97 shares during the period. Kingswood Wealth Advisors LLC increased its holdings in Public Storage by 12.6% in the 2nd quarter. Kingswood Wealth Advisors LLC now owns 2,101 shares of the real estate investment trust's stock valued at $604,000 after buying an additional 235 shares during the period. Valeo Financial Advisors LLC increased its holdings in Public Storage by 16.9% in the 2nd quarter. Valeo Financial Advisors LLC now owns 851 shares of the real estate investment trust's stock valued at $245,000 after buying an additional 123 shares during the period. Simplicity Wealth LLC increased its holdings in Public Storage by 7.2% in the 2nd quarter. Simplicity Wealth LLC now owns 1,313 shares of the real estate investment trust's stock valued at $378,000 after buying an additional 88 shares during the period. Finally, Wesbanco Bank Inc. bought a new position in Public Storage in the 2nd quarter valued at about $485,000. 78.79% of the stock is owned by institutional investors.

Public Storage Stock Down 0.5 %

PSA stock traded down $1.67 during midday trading on Wednesday, reaching $334.42. 468,970 shares of the company's stock traded hands, compared to its average volume of 712,800. The company has a market cap of $58.56 billion, a price-to-earnings ratio of 34.73, a P/E/G ratio of 5.72 and a beta of 0.71. The firm's fifty day moving average price is $341.32 and its 200-day moving average price is $320.35. 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 has a 52 week low of $256.31 and a 52 week high of $369.99.

Public Storage Announces Dividend

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

Wall Street Analyst Weigh In

PSA has been the topic of several research reports. Evercore ISI decreased their price target on shares of Public Storage from $343.00 to $338.00 and set an "in-line" rating on the stock in a report on Monday, October 14th. Scotiabank lifted their price target on shares of Public Storage from $308.00 to $339.00 and gave the company a "sector perform" rating in a report on Thursday, August 22nd. Royal Bank of Canada decreased their price target on shares of Public Storage from $358.00 to $344.00 and set a "sector perform" rating on the stock in a report on Friday, November 8th. Morgan Stanley lifted their price target on shares of Public Storage from $293.00 to $315.00 and gave the company an "equal weight" rating in a report on Wednesday, October 2nd. Finally, Barclays cut their target price on shares of Public Storage from $381.00 to $380.00 and set an "overweight" rating on the stock in a research report on Tuesday, November 12th. One investment 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. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $339.64.

About Public Storage

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.