Raymond James Financial Inc. Makes New Investment in Public Storage (NYSE:PSA)

Raymond James Financial Inc. bought a new position in shares of Public Storage (NYSE:PSA) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 187,563 shares of the real estate investment trust’s stock, valued at approximately $56,164,000. Raymond James Financial Inc. owned approximately 0.11% of Public Storage at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the stock. Haverford Trust Co lifted its position in shares of Public Storage by 0.7% during the third quarter. Haverford Trust Co now owns 4,282 shares of the real estate investment trust’s stock worth $1,558,000 after purchasing an additional 30 shares in the last quarter. Huntington National Bank lifted its position in shares of Public Storage by 5.4% during the third quarter. Huntington National Bank now owns 645 shares of the real estate investment trust’s stock worth $235,000 after purchasing an additional 33 shares in the last quarter. Chesapeake Wealth Management lifted 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 purchasing an additional 33 shares in the last quarter. Lindenwold Advisors INC lifted its position in shares of Public Storage by 0.8% during the third quarter. Lindenwold Advisors INC now owns 4,390 shares of the real estate investment trust’s stock worth $1,597,000 after purchasing an additional 34 shares in the last quarter. Finally, Doliver Advisors LP lifted its position in shares of Public Storage by 2.6% during the fourth quarter. Doliver Advisors LP now owns 1,446 shares of the real estate investment trust’s stock worth $433,000 after purchasing an additional 36 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on PSA shares. Barclays reduced their target price on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a research report on Monday, January 13th. Royal Bank of Canada cut their price objective on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. Truist Financial increased their price objective on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Scotiabank cut their price objective on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a report on Wednesday, March 5th. Finally, Wells Fargo & Company cut their price objective on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Seven investment analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $340.23.

Insider Transactions at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $317.99, for a total transaction of $143,095.50. Following the completion of the sale, the insider now owns 2,364 shares of the company’s stock, valued at $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 11.00% of the stock is owned by insiders.

Public Storage Stock Down 0.1 %

Shares of PSA stock opened at $313.59 on Tuesday. The firm has a fifty day moving average of $299.67 and a 200-day moving average of $324.60. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The company has a market capitalization of $55.01 billion, a price-to-earnings ratio of 32.56, a P/E/G ratio of 4.91 and a beta of 0.73.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.83%. The ex-dividend date is Thursday, March 13th. Public Storage’s dividend payout ratio is 112.89%.

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.