First National Bank of Mount Dora Trust Investment Services increased its position in shares of Public Storage (NYSE:PSA - Free Report) by 52.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 12,133 shares of the real estate investment trust's stock after acquiring an additional 4,182 shares during the quarter. First National Bank of Mount Dora Trust Investment Services' holdings in Public Storage were worth $4,415,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently bought and sold shares of PSA. Canada Pension Plan Investment Board raised its stake in Public Storage by 34.4% during the first quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust's stock worth $319,270,000 after purchasing an additional 281,800 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Public Storage by 4.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust's stock worth $1,575,794,000 after purchasing an additional 219,391 shares during the period. Vanguard Group Inc. raised its stake in Public Storage by 1.0% during the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust's stock worth $6,075,681,000 after purchasing an additional 217,487 shares during the period. AQR Capital Management LLC raised its stake in Public Storage by 116.7% during the second quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust's stock worth $111,077,000 after purchasing an additional 208,546 shares during the period. Finally, Centersquare Investment Management LLC raised its stake in shares of Public Storage by 17.2% in the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust's stock valued at $343,573,000 after acquiring an additional 173,975 shares during the period. Institutional investors and hedge funds own 78.79% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently commented on PSA shares. Bank of America downgraded shares of Public Storage from a "buy" rating to a "neutral" rating and set a $318.00 target price on the stock. in a research note on Monday, August 5th. Scotiabank raised their target price 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. Evercore ISI cut their target price on shares of Public Storage from $343.00 to $338.00 and set an "in-line" rating on the stock in a research note on Monday, October 14th. Wolfe Research raised shares of Public Storage to a "strong-buy" rating in a research note on Wednesday, September 4th. Finally, Citigroup lifted their price target on shares of Public Storage from $303.00 to $378.00 and gave the stock a "buy" rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $341.43.
Read Our Latest Research Report on PSA
Public Storage Price Performance
Shares of NYSE PSA traded up $8.90 during midday trading on Monday, reaching $332.56. The company's stock had a trading volume of 835,176 shares, compared to its average volume of 712,105. The company has a current ratio of 0.97, a quick ratio of 0.93 and a debt-to-equity ratio of 1.77. The company has a 50 day moving average price of $347.55 and a 200 day moving average price of $309.98. Public Storage has a one year low of $241.60 and a one year high of $369.99. The company has a market cap of $58.20 billion, a price-to-earnings ratio of 34.53, a price-to-earnings-growth ratio of 4.64 and a beta of 0.70.
Public Storage Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.61%. Public Storage's payout ratio is currently 124.61%.
Public Storage Company Profile
(
Free Report)
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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