Avestar Capital LLC Acquires Shares of 693 Public Storage (NYSE:PSA)

Avestar Capital LLC acquired a new stake in Public Storage (NYSE:PSA) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 693 shares of the real estate investment trust’s stock, valued at approximately $252,000.

Other hedge funds also recently bought and sold shares of the company. OFI Invest Asset Management acquired a new stake in Public Storage in the 2nd quarter valued at about $32,000. Prospera Private Wealth LLC purchased a new stake in shares of Public Storage in the 3rd quarter valued at approximately $34,000. Opal Wealth Advisors LLC purchased a new stake in shares of Public Storage in the 2nd quarter valued at approximately $36,000. Ashton Thomas Securities LLC purchased a new stake in shares of Public Storage in the 3rd quarter valued at approximately $38,000. Finally, EdgeRock Capital LLC purchased a new stake in shares of Public Storage in the 2nd quarter valued at approximately $39,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Citigroup increased their price target on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Scotiabank increased their price target 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. Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target for the company. in a research note on Thursday, August 1st. Wells Fargo & Company dropped their price target on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Finally, Bank of America cut shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a research report on Monday, August 5th. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $339.64.

Public Storage Stock Performance

Shares of PSA stock opened at $351.36 on Thursday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 52 week low of $253.98 and a 52 week high of $369.99. The stock has a market capitalization of $61.53 billion, a PE ratio of 36.49, a P/E/G ratio of 5.78 and a beta of 0.70. The firm has a 50 day moving average of $343.18 and a two-hundred day moving average of $318.29.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.42%. Public Storage’s payout ratio is 124.61%.

About Public Storage

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.