Cornerstone Advisors LLC Has $4.33 Million Holdings in Public Storage (NYSE:PSA)

Cornerstone Advisors LLC lifted its position in shares of Public Storage (NYSE:PSA) by 164.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,900 shares of the real estate investment trust’s stock after acquiring an additional 7,400 shares during the quarter. Cornerstone Advisors LLC’s holdings in Public Storage were worth $4,330,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Petredis Investment Advisors LLC raised its holdings in shares of Public Storage by 0.4% during the third quarter. Petredis Investment Advisors LLC now owns 6,862 shares of the real estate investment trust’s stock worth $2,497,000 after acquiring an additional 30 shares during the period. S.A. Mason LLC increased its holdings in Public Storage by 3.8% during the 3rd quarter. S.A. Mason LLC now owns 825 shares of the real estate investment trust’s stock worth $300,000 after purchasing an additional 30 shares in the last quarter. Haverford Trust Co raised its stake in shares of Public Storage by 0.7% in the 3rd quarter. Haverford Trust Co now owns 4,282 shares of the real estate investment trust’s stock valued at $1,558,000 after purchasing an additional 30 shares during the period. Huntington National Bank lifted its holdings in shares of Public Storage by 5.4% in the third quarter. Huntington National Bank now owns 645 shares of the real estate investment trust’s stock valued at $235,000 after purchasing an additional 33 shares in the last quarter. Finally, Chesapeake Wealth Management boosted its position in shares of Public Storage by 2.2% during the third quarter. Chesapeake Wealth Management now owns 1,538 shares of the real estate investment trust’s stock worth $560,000 after buying an additional 33 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Barclays cut their target price on Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 12th. Citigroup increased their target price on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Wells Fargo & Company lowered their price target on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Finally, Evercore ISI decreased their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $339.64.

Public Storage Stock Performance

Shares of NYSE PSA opened at $332.86 on Thursday. Public Storage has a one year low of $251.49 and a one year high of $369.99. The stock’s fifty day moving average price is $344.69 and its two-hundred day moving average price is $315.76. The firm has a market cap of $58.29 billion, a price-to-earnings ratio of 34.56, a P/E/G ratio of 5.56 and a beta of 0.70. 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 business also recently declared 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 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

Public Storage Company 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.