Harvest Portfolios Group Inc. Raises Holdings in Public Storage (NYSE:PSA)

Harvest Portfolios Group Inc. boosted its stake in shares of Public Storage (NYSE:PSA) by 141.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,225 shares of the real estate investment trust’s stock after purchasing an additional 2,473 shares during the quarter. Harvest Portfolios Group Inc.’s holdings in Public Storage were worth $1,537,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of PSA. Larson Financial Group LLC increased its holdings in Public Storage by 138.1% during the 1st quarter. Larson Financial Group LLC now owns 688 shares of the real estate investment trust’s stock worth $200,000 after purchasing an additional 399 shares during the period. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Public Storage by 5.7% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 4,563 shares of the real estate investment trust’s stock valued at $1,324,000 after acquiring an additional 246 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of Public Storage in the 1st quarter valued at about $884,000. Empowered Funds LLC increased its holdings in shares of Public Storage by 18.9% in the 1st quarter. Empowered Funds LLC now owns 2,040 shares of the real estate investment trust’s stock valued at $592,000 after acquiring an additional 324 shares during the last quarter. Finally, Metis Global Partners LLC increased its holdings in shares of Public Storage by 4.0% in the 1st quarter. Metis Global Partners LLC now owns 18,934 shares of the real estate investment trust’s stock valued at $5,492,000 after acquiring an additional 723 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

NYSE PSA opened at $325.31 on Thursday. Public Storage has a 1-year low of $241.60 and a 1-year high of $369.99. The company has a market capitalization of $56.94 billion, a P/E ratio of 33.78, a PEG ratio of 4.69 and a beta of 0.70. The business has a 50 day moving average price of $347.20 and a 200 day moving average price of $310.65. 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 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 paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.69%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s payout ratio is currently 124.61%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Morgan Stanley increased their price objective on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a research note on Thursday, August 1st. Royal Bank of Canada initiated coverage on Public Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price target on the stock. Wells Fargo & Company dropped their price target on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, Citigroup raised their price target on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $340.71.

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.