Pitcairn Co. Has $375,000 Holdings in Public Storage (NYSE:PSA)

Pitcairn Co. grew its stake in Public Storage (NYSE:PSA) by 5.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,031 shares of the real estate investment trust’s stock after purchasing an additional 51 shares during the period. Pitcairn Co.’s holdings in Public Storage were worth $375,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in PSA. AQR Capital Management LLC increased its position in shares of 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 valued at $111,077,000 after purchasing an additional 208,546 shares during the period. Panagora Asset Management Inc. boosted its stake in Public Storage by 1,980.9% during the second quarter. Panagora Asset Management Inc. now owns 144,185 shares of the real estate investment trust’s stock worth $41,475,000 after buying an additional 137,256 shares in the last quarter. APG Asset Management US Inc. increased its holdings in Public Storage by 4.8% in the 2nd quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock valued at $623,485,000 after buying an additional 100,000 shares during the period. Strategic Financial Concepts LLC acquired a new position in shares of Public Storage in the 2nd quarter valued at $278,000. Finally, KBC Group NV lifted its holdings in shares of Public Storage by 54.1% during the 3rd quarter. KBC Group NV now owns 274,707 shares of the real estate investment trust’s stock worth $99,958,000 after acquiring an additional 96,494 shares during the period. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Up 0.6 %

NYSE:PSA opened at $350.04 on Wednesday. The company has a market cap of $61.30 billion, a price-to-earnings ratio of 36.35, a P/E/G ratio of 5.61 and a beta of 0.70. 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’s fifty day moving average price is $343.37 and its two-hundred day moving average price is $318.06. Public Storage has a 52-week low of $252.96 and a 52-week high of $369.99.

Public Storage Announces Dividend

The firm 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. This represents a $12.00 annualized dividend and a dividend yield of 3.43%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

Wall Street Analyst Weigh In

PSA has been the topic of a number of analyst reports. Scotiabank upped 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. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Evercore ISI cut their target price 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. Citigroup upped their price target on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Morgan Stanley lifted their price objective on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Public Storage has a consensus 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.