Raymond James Financial Inc. Buys New Shares in Public Storage (NYSE:PSA)

Raymond James Financial Inc. bought a new stake in Public Storage (NYSE:PSA) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 187,563 shares of the real estate investment trust’s stock, valued at approximately $56,164,000.

Other hedge funds have also added to or reduced their stakes in the company. Quent Capital LLC grew its position in Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 50 shares in the last quarter. Prospera Private Wealth LLC bought a new position in shares of Public Storage in the 3rd quarter valued at about $34,000. Ashton Thomas Securities LLC bought a new position in shares of Public Storage in the 3rd quarter valued at about $38,000. Synergy Asset Management LLC bought a new position in shares of Public Storage in the 4th quarter valued at about $38,000. Finally, Toth Financial Advisory Corp grew its position in shares of Public Storage by 48.2% in the 4th quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock valued at $61,000 after acquiring an additional 66 shares during the period. Institutional investors own 78.79% of the company’s stock.

Insiders Place Their Bets

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction dated Friday, December 13th. The shares were 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 in the company, valued at $751,728.36. The trade was a 15.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 11.00% of the company’s stock.

Public Storage Price Performance

Shares of Public Storage stock opened at $313.59 on Tuesday. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The company has a 50-day simple moving average of $299.67 and a two-hundred day simple moving average of $324.60. The stock has a market capitalization of $55.01 billion, a price-to-earnings ratio of 32.56, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.83%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is 112.89%.

Analyst Ratings Changes

PSA has been the subject of a number of analyst reports. Truist Financial lifted their price objective on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Wells Fargo & Company decreased their price objective on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and lifted their price objective for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Barclays decreased their price objective on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research report on Monday, January 13th. Finally, Scotiabank cut their target price on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research note on Wednesday, March 5th. 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 stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $340.23.

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.