Public Storage (NYSE:PSA) Shares Acquired by Premier Path Wealth Partners LLC

Premier Path Wealth Partners LLC increased its stake in shares of Public Storage (NYSE:PSA) by 3.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,221 shares of the real estate investment trust’s stock after buying an additional 40 shares during the quarter. Premier Path Wealth Partners LLC’s holdings in Public Storage were worth $366,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Brooklyn Investment Group increased its holdings in shares of Public Storage by 3.4% in the fourth quarter. Brooklyn Investment Group now owns 1,152 shares of the real estate investment trust’s stock valued at $345,000 after purchasing an additional 38 shares during the period. Whitener Capital Management Inc. boosted its position in Public Storage by 3.4% in the fourth quarter. Whitener Capital Management Inc. now owns 1,485 shares of the real estate investment trust’s stock valued at $445,000 after buying an additional 49 shares during the last quarter. Merit Financial Group LLC increased its holdings in Public Storage by 104.3% in the 4th quarter. Merit Financial Group LLC now owns 8,367 shares of the real estate investment trust’s stock worth $2,505,000 after buying an additional 4,272 shares during the period. First National Bank of Mount Dora Trust Investment Services raised its position in Public Storage by 1.3% during the 4th quarter. First National Bank of Mount Dora Trust Investment Services now owns 12,286 shares of the real estate investment trust’s stock worth $3,679,000 after buying an additional 153 shares during the last quarter. Finally, Avanza Fonder AB acquired a new stake in Public Storage during the 4th quarter valued at approximately $3,815,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Stock Performance

PSA opened at $296.25 on Friday. The firm’s fifty day simple moving average is $316.96 and its two-hundred day simple moving average is $325.35. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The company has a market cap of $51.88 billion, a price-to-earnings ratio of 30.76, a PEG ratio of 4.65 and a beta of 0.74. 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.05%. The ex-dividend date was Friday, December 13th. Public Storage’s payout ratio is 124.61%.

Analysts Set New Price Targets

PSA has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and raised their target price for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Royal Bank of Canada decreased their price objective on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Barclays dropped their target price on Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. Wells Fargo & Company decreased their price target on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Finally, Morgan Stanley raised their price objective on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Seven analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and a consensus target price of $344.54.

Insiders Place Their Bets

In other news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $317.99, for a total value of $143,095.50. Following the transaction, the insider now owns 2,364 shares in the company, valued at $751,728.36. This trade represents a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 11.10% of the stock is owned by company insiders.

Public Storage Company 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.