Allen Wealth Management LLC Makes New $1.49 Million Investment in Public Storage (NYSE:PSA)

Allen Wealth Management LLC bought a new stake in Public Storage (NYSE:PSA) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 4,892 shares of the real estate investment trust’s stock, valued at approximately $1,492,000. Public Storage accounts for 1.5% of Allen Wealth Management LLC’s portfolio, making the stock its 18th biggest position.

A number of other institutional investors also recently modified their holdings of PSA. Truepoint Inc. acquired a new position in Public Storage during the third quarter worth about $241,000. Janney Montgomery Scott LLC boosted its position in Public Storage by 39.0% during the third quarter. Janney Montgomery Scott LLC now owns 20,329 shares of the real estate investment trust’s stock valued at $5,358,000 after acquiring an additional 5,705 shares during the last quarter. D.A. Davidson & CO. boosted its stake in Public Storage by 37.0% during the third quarter. D.A. Davidson & CO. now owns 8,383 shares of the real estate investment trust’s stock worth $2,209,000 after acquiring an additional 2,264 shares in the last quarter. Pathstone Family Office LLC bought a new position in shares of Public Storage during the 3rd quarter worth about $1,299,000. Finally, HighTower Advisors LLC increased its position in Public Storage by 1.9% in the 3rd quarter. HighTower Advisors LLC now owns 72,203 shares of the real estate investment trust’s stock valued at $19,067,000 after buying an additional 1,366 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective for the company in a report on Thursday, March 28th. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $280.00 to $310.00 in a research note on Friday, April 5th. Barclays cut their price target on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a research report on Monday, May 20th. BMO Capital Markets raised their price objective on shares of Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a report on Tuesday, March 19th. Finally, Scotiabank raised their target price on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research note on Monday, March 18th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $304.75.

Insider Buying and Selling at Public Storage

In other Public Storage news, Director Kristy Pipes purchased 2,149 shares of the stock in a transaction dated Tuesday, May 14th. The stock was purchased at an average price of $278.96 per share, with a total value of $599,485.04. Following the transaction, the director now owns 2,149 shares of the company’s stock, valued at $599,485.04. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 11.00% of the stock is owned by corporate insiders.

Public Storage Price Performance

Shares of Public Storage stock traded down $2.32 during trading hours on Friday, reaching $273.82. The company’s stock had a trading volume of 890,202 shares, compared to its average volume of 602,693. The firm has a 50 day moving average price of $273.05 and a 200-day moving average price of $280.80. Public Storage has a one year low of $233.18 and a one year high of $312.25. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.54. The stock has a market cap of $48.12 billion, a P/E ratio of 24.87, a P/E/G ratio of 3.82 and a beta of 0.63.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Wednesday, June 12th will be issued a dividend of $3.00 per share. The ex-dividend date of this dividend is Wednesday, June 12th. This represents a $12.00 annualized dividend and a yield of 4.38%. Public Storage’s payout ratio is 108.99%.

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.