Public Storage (NYSE:PSA) Shares Bought by Allen Wealth Management LLC

Allen Wealth Management LLC lifted its position in shares of Public Storage (NYSE:PSA) by 7.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,168 shares of the real estate investment trust’s stock after acquiring an additional 451 shares during the period. Public Storage comprises approximately 1.3% of Allen Wealth Management LLC’s holdings, making the stock its 14th largest holding. Allen Wealth Management LLC’s holdings in Public Storage were worth $1,847,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of Public Storage by 5.0% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust’s stock worth $16,089,000 after buying an additional 2,566 shares during the last quarter. Capital Investment Advisors LLC lifted its holdings in Public Storage by 25.4% in the fourth quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust’s stock worth $8,566,000 after acquiring an additional 5,793 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Public Storage by 30.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust’s stock valued at $40,926,000 after acquiring an additional 31,662 shares during the period. Meridian Wealth Management LLC bought a new position in shares of Public Storage during the fourth quarter valued at approximately $395,000. Finally, Aew Capital Management L P raised its position in shares of Public Storage by 108.6% during the 4th quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust’s stock worth $131,574,000 after purchasing an additional 228,740 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of NYSE PSA opened at $297.44 on Thursday. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99. The firm has a market cap of $52.18 billion, a P/E ratio of 30.89, a PEG ratio of 4.91 and a beta of 0.73. The stock has a fifty day moving average price of $300.14 and a two-hundred day moving average price of $318.76. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.03%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage’s payout ratio is currently 112.89%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PSA. Wells Fargo & Company lowered their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and increased their price objective for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Royal Bank of Canada reduced their target price on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 26th. Scotiabank dropped their price target on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 5th. Finally, Barclays reiterated an “overweight” rating and set a $354.00 price objective (down from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Seven research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $338.73.

About Public Storage

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.