Stevens Capital Management LP Makes New Investment in Public Storage (NYSE:PSA)

Stevens Capital Management LP bought a new position in shares of Public Storage (NYSE:PSA - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 3,132 shares of the real estate investment trust's stock, valued at approximately $938,000.

Several other hedge funds and other institutional investors have also bought and sold shares of PSA. Empowered Funds LLC boosted its holdings in shares of Public Storage by 9.5% during the 3rd quarter. Empowered Funds LLC now owns 2,530 shares of the real estate investment trust's stock worth $921,000 after buying an additional 220 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Public Storage during the 3rd quarter valued at $1,415,000. Prospera Private Wealth LLC bought a new position in Public Storage during the third quarter worth $34,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in Public Storage by 114.2% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust's stock worth $33,302,000 after purchasing an additional 48,803 shares during the period. Finally, Raymond James Trust N.A. increased its stake in Public Storage by 11.2% in the third quarter. Raymond James Trust N.A. now owns 2,193 shares of the real estate investment trust's stock valued at $798,000 after purchasing an additional 221 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

Public Storage Stock Performance

PSA traded down $5.96 during midday trading on Tuesday, reaching $288.97. The company had a trading volume of 610,220 shares, compared to its average volume of 679,504. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The business has a 50-day moving average price of $300.07 and a two-hundred day moving average price of $321.50. The stock has a market cap of $50.69 billion, a PE ratio of 30.01, a P/E/G ratio of 4.91 and a beta of 0.73. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Remove Ads

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be paid a $3.00 dividend. The ex-dividend date is Thursday, March 13th. This represents a $12.00 annualized dividend and a dividend yield of 4.15%. Public Storage's payout ratio is presently 112.89%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on PSA shares. Truist Financial cut their price objective on shares of Public Storage from $316.00 to $310.00 and set a "hold" rating on the stock in a research report on Tuesday, March 18th. Barclays restated an "overweight" rating and set a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Scotiabank cut their target price on Public Storage from $338.00 to $333.00 and set a "sector perform" rating on the stock in a report on Wednesday, March 5th. Royal Bank of Canada decreased their price target on shares of Public Storage from $342.00 to $329.00 and set a "sector perform" rating for the company in a research note on Wednesday, February 26th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a "sell" rating to a "hold" rating and raised their price target for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Seven research analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $338.00.

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.