CWA Asset Management Group LLC Purchases Shares of 51,836 Public Storage (NYSE:PSA)

CWA Asset Management Group LLC purchased a new stake in Public Storage (NYSE:PSA) in the third quarter, HoldingsChannel.com reports. The firm purchased 51,836 shares of the real estate investment trust’s stock, valued at approximately $18,862,000. Public Storage makes up about 1.0% of CWA Asset Management Group LLC’s portfolio, making the stock its 23rd biggest holding.

A number of other hedge funds have also modified their holdings of PSA. OFI Invest Asset Management acquired a new position in shares of Public Storage in the second quarter valued at about $32,000. Opal Wealth Advisors LLC acquired a new stake in Public Storage during the second quarter worth about $36,000. Crewe Advisors LLC acquired a new stake in Public Storage during the first quarter worth about $39,000. EdgeRock Capital LLC acquired a new stake in Public Storage during the second quarter worth about $39,000. Finally, LRI Investments LLC acquired a new stake in Public Storage during the first quarter worth about $40,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Stock Performance

Shares of Public Storage stock opened at $339.42 on Friday. Public Storage has a 52 week low of $241.60 and a 52 week high of $369.99. The business’s fifty day simple moving average is $346.94 and its 200-day simple moving average is $311.34. The firm has a market cap of $59.44 billion, a PE ratio of 35.25, a price-to-earnings-growth ratio of 4.58 and a beta of 0.70. 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors 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 annualized dividend and a dividend yield of 3.54%. Public Storage’s dividend payout ratio is presently 124.61%.

Analyst Upgrades and Downgrades

Several research firms recently commented on PSA. Royal Bank of Canada dropped their target price on Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a report on Friday. Evercore ISI dropped their price objective on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a research report on Monday, August 5th. Jefferies Financial Group raised their target price on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Finally, Wells Fargo & Company decreased their target price on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $339.71.

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.