Van ECK Associates Corp Has $34.01 Million Stake in Public Storage (NYSE:PSA)

Van ECK Associates Corp lifted its stake in Public Storage (NYSE:PSA) by 11.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 100,099 shares of the real estate investment trust’s stock after acquiring an additional 9,901 shares during the quarter. Van ECK Associates Corp’s holdings in Public Storage were worth $34,011,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. OFI Invest Asset Management acquired a new position in shares of Public Storage during the second quarter worth approximately $32,000. Opal Wealth Advisors LLC acquired a new stake in Public Storage in the 2nd quarter valued at about $36,000. Crewe Advisors LLC bought a new position in Public Storage in the 1st quarter worth approximately $39,000. EdgeRock Capital LLC bought a new stake in shares of Public Storage during the second quarter worth $39,000. Finally, LRI Investments LLC bought a new stake in shares of Public Storage during the first quarter worth approximately $40,000. Institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on PSA shares. Truist Financial lowered Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a research note on Thursday, August 1st. Evercore ISI reduced their price objective on 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. Royal Bank of Canada assumed coverage on Public Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price target for the company. Scotiabank lifted their price objective on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. Finally, Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price for the company. in a research report on Monday, August 5th. One analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $341.43.

Public Storage Stock Performance

Shares of NYSE PSA opened at $332.56 on Tuesday. Public Storage has a 12 month low of $241.60 and a 12 month high of $369.99. The stock has a 50 day moving average of $347.55 and a 200-day moving average of $309.98. The company has a current ratio of 0.97, a quick ratio of 0.93 and a debt-to-equity ratio of 1.77. The company has a market capitalization of $58.20 billion, a P/E ratio of 34.53, a P/E/G ratio of 4.64 and a beta of 0.70.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.61%. The ex-dividend date is Friday, December 13th. Public Storage’s payout ratio is presently 124.61%.

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.