Aviance Capital Partners LLC Makes New Investment in Public Storage (NYSE:PSA)

Aviance Capital Partners LLC acquired a new stake in Public Storage (NYSE:PSA) in the third quarter, Holdings Channel.com reports. The firm acquired 610 shares of the real estate investment trust’s stock, valued at approximately $222,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Meeder Advisory Services Inc. grew its stake in Public Storage by 1.4% in the 3rd quarter. Meeder Advisory Services Inc. now owns 3,594 shares of the real estate investment trust’s stock valued at $1,308,000 after acquiring an additional 51 shares during the period. Quest Partners LLC lifted its holdings in Public Storage by 395.8% during the third quarter. Quest Partners LLC now owns 7,620 shares of the real estate investment trust’s stock valued at $2,773,000 after purchasing an additional 6,083 shares in the last quarter. Swiss National Bank grew its position in shares of Public Storage by 0.3% in the third quarter. Swiss National Bank now owns 469,400 shares of the real estate investment trust’s stock valued at $170,801,000 after purchasing an additional 1,300 shares during the period. Thrivent Financial for Lutherans increased its stake in shares of Public Storage by 35.7% during the third quarter. Thrivent Financial for Lutherans now owns 46,608 shares of the real estate investment trust’s stock worth $16,959,000 after purchasing an additional 12,249 shares in the last quarter. Finally, Claro Advisors LLC acquired a new position in shares of Public Storage during the 3rd quarter worth about $227,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Trading Down 0.8 %

Shares of Public Storage stock opened at $334.50 on Wednesday. Public Storage has a fifty-two week low of $251.49 and a fifty-two week high of $369.99. 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 firm has a market capitalization of $58.57 billion, a price-to-earnings ratio of 34.74, a PEG ratio of 5.57 and a beta of 0.70. The stock has a 50 day moving average of $345.22 and a 200 day moving average of $315.64.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date is Friday, December 13th. Public Storage’s payout ratio is 124.61%.

Analysts Set New Price Targets

Several equities research analysts have commented on PSA shares. Jefferies Financial Group boosted their price objective on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Evercore ISI dropped their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Scotiabank raised their price objective on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. Barclays dropped their target price on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a report on Tuesday, November 12th. Finally, Citigroup raised 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 assigned a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $339.64.

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.