Pitcairn Co. Has $338,000 Stake in Public Storage (NYSE:PSA)

Pitcairn Co. grew its stake in Public Storage (NYSE:PSA) by 9.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,130 shares of the real estate investment trust’s stock after purchasing an additional 99 shares during the period. Pitcairn Co.’s holdings in Public Storage were worth $338,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Walleye Capital LLC acquired a new position in Public Storage in the 3rd quarter worth about $262,000. IHT Wealth Management LLC grew its holdings in shares of Public Storage by 40.7% during the third quarter. IHT Wealth Management LLC now owns 1,262 shares of the real estate investment trust’s stock worth $458,000 after purchasing an additional 365 shares during the last quarter. Quantinno Capital Management LP increased its stake in shares of Public Storage by 16.2% in the third quarter. Quantinno Capital Management LP now owns 11,390 shares of the real estate investment trust’s stock valued at $4,145,000 after buying an additional 1,590 shares during the period. Stifel Financial Corp raised its holdings in Public Storage by 4.9% in the 3rd quarter. Stifel Financial Corp now owns 69,856 shares of the real estate investment trust’s stock valued at $25,422,000 after buying an additional 3,241 shares during the last quarter. Finally, Insigneo Advisory Services LLC boosted its position in Public Storage by 5.9% during the 3rd quarter. Insigneo Advisory Services LLC now owns 823 shares of the real estate investment trust’s stock worth $299,000 after buying an additional 46 shares during the period. 78.79% of the stock is owned by institutional investors.

Public Storage Price Performance

Shares of PSA opened at $284.00 on Monday. The firm has a market cap of $49.82 billion, a PE ratio of 29.49, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The business’s 50 day moving average price is $300.05 and its two-hundred day moving average price is $317.46. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were given a dividend of $3.00 per share. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.23%. Public Storage’s payout ratio is presently 112.89%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Truist Financial decreased their price target on shares of Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a research report on Tuesday, March 18th. Royal Bank of Canada decreased their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a report on Wednesday, February 26th. Wells Fargo & Company cut their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and increased their price target for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Finally, Barclays reaffirmed an “overweight” rating and issued a $354.00 price objective (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Seven analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $338.73.

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.