Mengis Capital Management Inc. Takes $201,000 Position in Public Storage (NYSE:PSA)

Mengis Capital Management Inc. purchased a new position in Public Storage (NYSE:PSA) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 552 shares of the real estate investment trust’s stock, valued at approximately $201,000.

A number of other large investors also recently modified their holdings of PSA. Centersquare Investment Management LLC increased its position in shares of Public Storage by 17.2% during the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after purchasing an additional 173,975 shares in the last quarter. Manning & Napier Advisors LLC acquired a new position in shares of Public Storage in the 2nd quarter valued at $14,301,000. Allspring Global Investments Holdings LLC raised its position in Public Storage by 1.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock valued at $51,762,000 after purchasing an additional 2,605 shares during the last quarter. PGGM Investments boosted its stake in Public Storage by 8.0% during the 2nd quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock worth $48,162,000 after purchasing an additional 12,396 shares during the period. Finally, Swedbank AB purchased a new position in Public Storage during the 1st quarter worth $17,465,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Up 1.4 %

PSA opened at $334.94 on Thursday. Public Storage has a one year low of $250.51 and a one year high of $369.99. The company has a market cap of $58.65 billion, a price-to-earnings ratio of 34.78, a PEG ratio of 4.66 and a beta of 0.70. The business’s fifty day moving average is $346.58 and its two-hundred day moving average is $313.10. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.58%. Public Storage’s dividend payout ratio is currently 124.61%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Wells Fargo & Company lowered their price target on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Jefferies Financial Group boosted their target price on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Barclays cut their price target on Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a research note on Tuesday. Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a research note on Thursday, August 1st. Finally, Morgan Stanley raised their target price on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus target price of $339.64.

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.