Cornerstone Advisors LLC Has $4.33 Million Stock Position in Public Storage (NYSE:PSA)

Cornerstone Advisors LLC increased its holdings in Public Storage (NYSE:PSA) by 164.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,900 shares of the real estate investment trust’s stock after acquiring an additional 7,400 shares during the period. Cornerstone Advisors LLC’s holdings in Public Storage were worth $4,330,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. OFI Invest Asset Management purchased a new position in Public Storage during the second quarter valued at approximately $32,000. Prospera Private Wealth LLC purchased a new position in shares of Public Storage during the 3rd quarter valued at $34,000. Opal Wealth Advisors LLC acquired a new position in shares of Public Storage in the second quarter worth $36,000. Ashton Thomas Securities LLC purchased a new stake in shares of Public Storage during the third quarter worth $38,000. Finally, Crewe Advisors LLC acquired a new stake in Public Storage during the first quarter valued at $39,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Royal Bank of Canada cut their price target on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Truist Financial downgraded shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a report on Thursday, August 1st. Scotiabank boosted their price target on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. 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, Barclays decreased their target price on Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. One investment 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 stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $339.64.

Public Storage Price Performance

Shares of NYSE:PSA opened at $332.86 on Thursday. The firm has a market capitalization of $58.29 billion, a PE ratio of 34.56, a PEG ratio of 5.56 and a beta of 0.70. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 1-year low of $251.49 and a 1-year high of $369.99. The business’s 50 day moving average is $344.69 and its 200-day moving average is $315.76.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.61%. The ex-dividend date is Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

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.