Third View Private Wealth LLC Makes New $3.25 Million Investment in Public Storage $PSA

Key Points

• Third View Private Wealth LLC opened a new position in Public Storage, buying 12,506 shares valued at about $3.245 million in the fourth quarter.
• Public Storage pays a quarterly dividend of $3.00 (annualized $12.00), representing roughly a 4.0% yield, though its payout ratio is high at 133.04%, which may raise sustainability questions.
• Analysts' consensus rating is Hold with an average price target of $306.53, while institutional ownership is about 78.79% and major investors like Vanguard and JPMorgan have recently increased their stakes.

Third View Private Wealth LLC acquired a new position in shares of Public Storage (NYSE:PSA - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 12,506 shares of the real estate investment trust's stock, valued at approximately $3,245,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Public Storage by 10.8% during the 3rd quarter. Vanguard Group Inc. now owns 23,068,701 shares of the real estate investment trust's stock worth $6,663,394,000 after purchasing an additional 2,253,225 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Public Storage by 5.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,334,488 shares of the real estate investment trust's stock valued at $963,177,000 after acquiring an additional 177,421 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Public Storage by 2.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,194,212 shares of the real estate investment trust's stock valued at $633,796,000 after acquiring an additional 49,996 shares in the last quarter. APG Asset Management US Inc. grew its stake in Public Storage by 0.7% during the 3rd quarter. APG Asset Management US Inc. now owns 2,184,979 shares of the real estate investment trust's stock valued at $635,130,000 after acquiring an additional 14,367 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its stake in Public Storage by 5.2% during the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,940,574 shares of the real estate investment trust's stock valued at $560,535,000 after acquiring an additional 96,627 shares in the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Scotiabank lifted their target price on Public Storage from $319.00 to $321.00 and gave the company a "sector outperform" rating in a research note on Monday, March 23rd. Deutsche Bank Aktiengesellschaft cut Public Storage from a "buy" rating to a "hold" rating and set a $285.00 target price on the stock. in a research note on Tuesday, January 20th. Wall Street Zen cut Public Storage from a "hold" rating to a "sell" rating in a research note on Sunday, March 29th. Barclays lifted their target price on Public Storage from $331.00 to $347.00 and gave the company an "overweight" rating in a research note on Thursday, March 5th. Finally, Evercore set a $302.00 target price on Public Storage in a research note on Tuesday, February 17th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat.com, Public Storage has an average rating of "Hold" and a consensus price target of $306.53.

Public Storage Trading Up 0.5%

Shares of NYSE PSA opened at $296.57 on Tuesday. The stock has a market cap of $52.05 billion, a price-to-earnings ratio of 32.88, a PEG ratio of 6.05 and a beta of 1.02. The business has a 50 day simple moving average of $290.60 and a 200 day simple moving average of $283.31. Public Storage has a 52 week low of $256.54 and a 52 week high of $312.95. The company has a debt-to-equity ratio of 2.05, a quick ratio of 0.75 and a current ratio of 0.75.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 16th were paid a $3.00 dividend. The ex-dividend date of this dividend was Monday, March 16th. This represents a $12.00 annualized dividend and a dividend yield of 4.0%. Public Storage's payout ratio is presently 133.04%.

About Public Storage

Public Storage NYSE: PSA is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company's core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.

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