Shum Financial Group Inc. Takes $728,000 Position in Public Storage (NYSE:PSA)

Shum Financial Group Inc. bought a new stake in shares of Public Storage (NYSE:PSA) during the 3rd quarter, HoldingsChannel reports. The institutional investor bought 2,137 shares of the real estate investment trust’s stock, valued at approximately $728,000.

Several other large investors have also recently modified their holdings of PSA. SVB Wealth LLC grew its position in Public Storage by 17.8% in the 1st quarter. SVB Wealth LLC now owns 946 shares of the real estate investment trust’s stock valued at $274,000 after acquiring an additional 143 shares during the last quarter. Caxton Associates LP grew its position in Public Storage by 89.5% in the 1st quarter. Caxton Associates LP now owns 2,181 shares of the real estate investment trust’s stock valued at $633,000 after acquiring an additional 1,030 shares during the last quarter. Bayesian Capital Management LP bought a new position in Public Storage in the 1st quarter valued at $770,000. B. Riley Wealth Advisors Inc. grew its position in Public Storage by 19.0% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 2,639 shares of the real estate investment trust’s stock valued at $765,000 after acquiring an additional 421 shares during the last quarter. Finally, California State Teachers Retirement System grew its position in Public Storage by 1.6% in the 1st quarter. California State Teachers Retirement System now owns 262,785 shares of the real estate investment trust’s stock valued at $76,223,000 after acquiring an additional 4,078 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Down 0.8 %

Public Storage stock traded down $2.94 during midday trading on Tuesday, reaching $344.89. The company’s stock had a trading volume of 59,563 shares, compared to its average volume of 713,157. The stock’s 50-day simple moving average is $343.52 and its 200-day simple moving average is $317.53. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a 52-week low of $252.96 and a 52-week high of $369.99. The stock has a market capitalization of $60.39 billion, a P/E ratio of 36.12, a PEG ratio of 5.61 and a beta of 0.70.

Public Storage Dividend Announcement

The firm also recently declared 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. This represents a $12.00 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date is Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on PSA shares. Morgan Stanley increased their price target on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target on the stock. in a research report on Monday, August 5th. Citigroup increased their price target on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Evercore ISI dropped their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Finally, Wells Fargo & Company decreased their price objective on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $339.64.

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.