Van ECK Associates Corp Purchases 7,550 Shares of Public Storage $PSA

Van ECK Associates Corp grew its position in Public Storage (NYSE:PSA) by 7.3% during the third quarter, HoldingsChannel.com reports. The fund owned 111,274 shares of the real estate investment trust’s stock after acquiring an additional 7,550 shares during the quarter. Van ECK Associates Corp’s holdings in Public Storage were worth $32,141,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. First Pacific Financial purchased a new stake in Public Storage during the third quarter valued at $26,000. Asset Dedication LLC increased its position in shares of Public Storage by 111.1% during the 2nd quarter. Asset Dedication LLC now owns 95 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 50 shares during the last quarter. Raiffeisen Bank International AG bought a new stake in Public Storage in the third quarter worth $30,000. Tradewinds Capital Management LLC purchased a new stake in shares of Public Storage in the third quarter valued at $33,000. Finally, Quent Capital LLC purchased a new position in shares of Public Storage during the 3rd quarter worth about $37,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PSA shares. Scotiabank increased their price target on Public Storage from $300.00 to $319.00 and gave the stock a “sector outperform” rating in a report on Monday, March 2nd. Raymond James Financial lowered their price objective on shares of Public Storage from $350.00 to $330.00 and set a “strong-buy” rating for the company in a research report on Tuesday, November 18th. Wolfe Research lowered shares of Public Storage from an “outperform” rating to a “peer perform” rating in a research report on Monday, January 26th. Evercore set a $302.00 price target on shares of Public Storage in a research note on Tuesday, February 17th. Finally, Truist Financial increased their price objective on Public Storage from $315.00 to $317.00 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and twelve have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $307.13.

Public Storage Trading Down 1.9%

NYSE:PSA opened at $300.14 on Thursday. Public Storage has a one year low of $256.54 and a one year 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. The firm has a market cap of $52.68 billion, a P/E ratio of 33.27, a P/E/G ratio of 6.20 and a beta of 0.99. The firm has a 50-day simple moving average of $289.58 and a 200-day simple moving average of $284.71.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be issued a $3.00 dividend. The ex-dividend date is Monday, March 16th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.0%. Public Storage’s dividend payout ratio (DPR) is currently 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.