Saturna Capital Corp Increases Stock Holdings in Public Storage (NYSE:PSA)

Saturna Capital Corp grew its holdings in shares of Public Storage (NYSE:PSA) by 3.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,542 shares of the real estate investment trust’s stock after purchasing an additional 204 shares during the period. Saturna Capital Corp’s holdings in Public Storage were worth $2,380,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Envestnet Portfolio Solutions Inc. lifted its holdings in Public Storage by 5.7% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 4,563 shares of the real estate investment trust’s stock worth $1,324,000 after buying an additional 246 shares in the last quarter. Empowered Funds LLC raised its stake in shares of Public Storage by 18.9% in the first quarter. Empowered Funds LLC now owns 2,040 shares of the real estate investment trust’s stock valued at $592,000 after acquiring an additional 324 shares in the last quarter. Avantax Advisory Services Inc. boosted its holdings in Public Storage by 30.0% in the first quarter. Avantax Advisory Services Inc. now owns 6,821 shares of the real estate investment trust’s stock valued at $1,978,000 after purchasing an additional 1,573 shares during the period. Bleakley Financial Group LLC increased its holdings in Public Storage by 4.9% during the 1st quarter. Bleakley Financial Group LLC now owns 1,230 shares of the real estate investment trust’s stock worth $357,000 after purchasing an additional 57 shares during the period. Finally, Entropy Technologies LP purchased a new stake in Public Storage during the 1st quarter worth about $1,707,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Trading Up 1.1 %

NYSE PSA opened at $333.96 on Wednesday. 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 cap of $58.48 billion, a PE ratio of 34.29, a P/E/G ratio of 4.75 and a beta of 0.70. Public Storage has a one year low of $250.51 and a one year high of $369.99. The firm’s fifty day moving average is $346.58 and its two-hundred day moving average is $313.10.

Public Storage Dividend Announcement

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

Analysts Set New Price Targets

PSA has been the subject of a number of analyst reports. Royal Bank of Canada lowered their price objective on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Scotiabank boosted their price target on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. Morgan Stanley raised their price objective on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Evercore ISI lowered their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Finally, Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and an average price target 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.