Hilton Capital Management LLC Acquires 20,720 Shares of Public Storage (NYSE:PSA)

Hilton Capital Management LLC increased its stake in shares of Public Storage (NYSE:PSA - Free Report) by 103.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 40,832 shares of the real estate investment trust's stock after acquiring an additional 20,720 shares during the quarter. Public Storage makes up about 1.2% of Hilton Capital Management LLC's portfolio, making the stock its 19th largest position. Hilton Capital Management LLC's holdings in Public Storage were worth $14,858,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Petredis Investment Advisors LLC boosted its holdings in shares of Public Storage by 0.4% during 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 buying an additional 30 shares in the last quarter. S.A. Mason LLC increased its position in shares of Public Storage by 3.8% during the 3rd 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 during the last quarter. Haverford Trust Co increased its holdings in Public Storage by 0.7% in the 3rd quarter. Haverford Trust Co now owns 4,282 shares of the real estate investment trust's stock worth $1,558,000 after acquiring an additional 30 shares in the last quarter. Huntington National Bank increased its holdings in Public Storage by 5.4% in the 3rd quarter. Huntington National Bank now owns 645 shares of the real estate investment trust's stock worth $235,000 after acquiring an additional 33 shares in the last quarter. Finally, Chesapeake Wealth Management boosted its stake in Public Storage by 2.2% in the 3rd quarter. Chesapeake Wealth Management now owns 1,538 shares of the real estate investment trust's stock worth $560,000 after purchasing an additional 33 shares during the period. 78.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PSA. Barclays reduced their target price on Public Storage from $381.00 to $380.00 and set an "overweight" rating on the stock in a research note on Tuesday, November 12th. Wolfe Research raised Public Storage to a "strong-buy" rating in a research note on Wednesday, September 4th. Truist Financial lowered Public Storage from a "buy" rating to a "hold" rating and set a $306.00 target price on the stock. in a research note on Thursday, August 1st. Jefferies Financial Group increased their price objective on Public Storage from $360.00 to $422.00 and gave the company a "buy" rating in a report on Wednesday, September 18th. Finally, Bank of America cut Public Storage from a "buy" rating to a "neutral" rating and set a $318.00 target price for the company. in a research report on Monday, August 5th. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $339.64.

Public Storage Stock Performance

PSA traded down $1.59 on Wednesday, reaching $332.86. The company had a trading volume of 524,800 shares, compared to its average volume of 715,268. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market cap of $58.29 billion, a P/E ratio of 34.74, a P/E/G ratio of 5.57 and a beta of 0.70. The company's fifty day moving average is $345.22 and its 200 day moving average is $315.64. Public Storage has a fifty-two week low of $251.49 and a fifty-two week high of $369.99.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date is Friday, December 13th. Public Storage's payout ratio is 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.