Public Storage (NYSE:PSA) Position Increased by HB Wealth Management LLC

HB Wealth Management LLC raised its position in Public Storage (NYSE:PSA) by 3.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,451 shares of the real estate investment trust’s stock after purchasing an additional 46 shares during the quarter. HB Wealth Management LLC’s holdings in Public Storage were worth $421,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of PSA. Gotham Asset Management LLC raised its position in Public Storage by 150.7% during the third quarter. Gotham Asset Management LLC now owns 2,773 shares of the real estate investment trust’s stock valued at $731,000 after acquiring an additional 1,667 shares in the last quarter. Axxcess Wealth Management LLC acquired a new stake in shares of Public Storage in the 3rd quarter valued at $211,000. Evergreen Capital Management LLC bought a new stake in Public Storage in the third quarter worth $214,000. Lido Advisors LLC increased its position in Public Storage by 2.8% during the third quarter. Lido Advisors LLC now owns 2,165 shares of the real estate investment trust’s stock worth $571,000 after buying an additional 59 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Public Storage by 29.9% during the third quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock valued at $835,032,000 after buying an additional 729,262 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Price Performance

Shares of NYSE:PSA traded up $2.82 during trading on Friday, reaching $290.16. 178,654 shares of the company traded hands, compared to its average volume of 718,554. The firm has a market capitalization of $50.99 billion, a PE ratio of 26.01, a PEG ratio of 4.18 and a beta of 0.65. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. Public Storage has a 52 week low of $233.18 and a 52 week high of $312.25. The company’s 50 day moving average is $278.16 and its two-hundred day moving average is $282.83.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th were paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.14%. The ex-dividend date of this dividend was Wednesday, June 12th. Public Storage’s payout ratio is presently 108.99%.

Insider Buying and Selling at Public Storage

In other Public Storage news, Director Kristy Pipes bought 2,149 shares of the firm’s stock in a transaction on Tuesday, May 14th. The shares were purchased at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the transaction, the director now directly owns 2,149 shares in the company, valued at approximately $599,485.04. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the transaction, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kristy Pipes acquired 2,149 shares of Public Storage stock in a transaction that occurred on Tuesday, May 14th. The shares were purchased at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the transaction, the director now directly owns 2,149 shares in the company, valued at $599,485.04. The disclosure for this purchase can be found here. Company insiders own 11.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on PSA shares. Scotiabank increased their price objective on Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a report on Monday, March 18th. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $280.00 to $310.00 in a report on Friday, April 5th. BMO Capital Markets lifted their target price on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective for the company in a research report on Thursday, March 28th. Finally, Barclays cut their price objective on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research report on Monday, May 20th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $303.00.

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.