Lake Street Advisors Group LLC Increases Stock Holdings in Public Storage (NYSE:PSA)

Lake Street Advisors Group LLC raised its stake in Public Storage (NYSE:PSA) by 14.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 992 shares of the real estate investment trust’s stock after purchasing an additional 126 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Public Storage were worth $297,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of PSA. Quent Capital LLC lifted its holdings in shares of Public Storage by 135.1% in the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 50 shares during the period. Prospera Private Wealth LLC acquired a new stake in shares of Public Storage in the 3rd quarter valued at approximately $34,000. Ashton Thomas Securities LLC acquired a new stake in shares of Public Storage in the 3rd quarter valued at approximately $38,000. Synergy Asset Management LLC acquired a new stake in shares of Public Storage in the 4th quarter valued at approximately $38,000. Finally, Harbor Capital Advisors Inc. acquired a new stake in shares of Public Storage in the 3rd quarter valued at approximately $55,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction 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 completion of the sale, the insider now owns 2,364 shares of the company’s stock, valued at $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 11.00% of the company’s stock.

Public Storage Price Performance

Shares of NYSE:PSA opened at $303.46 on Friday. The company has a market cap of $53.14 billion, a P/E ratio of 31.51, a P/E/G ratio of 4.91 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 has a 52 week low of $256.31 and a 52 week high of $369.99. The business has a fifty day simple moving average of $298.29 and a 200-day simple moving average of $325.09.

Public Storage Dividend Announcement

The firm 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 $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.95%. The ex-dividend date is Thursday, March 13th. Public Storage’s dividend payout ratio is currently 112.89%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PSA shares. Barclays reduced their price target on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Truist Financial lifted their price objective on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Wells Fargo & Company reduced their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Royal Bank of Canada reduced their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and lifted their price objective for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Seven research analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $340.69.

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.