Public Storage (NYSE:PSA) Shares Purchased by Allen Wealth Management LLC

Allen Wealth Management LLC grew its stake in shares of Public Storage (NYSE:PSA) by 7.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 6,168 shares of the real estate investment trust’s stock after acquiring an additional 451 shares during the period. Public Storage comprises about 1.3% of Allen Wealth Management LLC’s portfolio, making the stock its 14th largest holding. Allen Wealth Management LLC’s holdings in Public Storage were worth $1,847,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of PSA. Quent Capital LLC raised its holdings in shares of Public Storage by 135.1% during the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 50 shares during the period. Synergy Asset Management LLC acquired a new stake in Public Storage during the 4th quarter valued at $38,000. Millstone Evans Group LLC purchased a new stake in shares of Public Storage in the fourth quarter valued at $38,000. Toth Financial Advisory Corp boosted its position in shares of Public Storage by 48.2% in the fourth quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock worth $61,000 after buying an additional 66 shares during the period. Finally, Parkworth Wealth Management Inc. purchased a new position in shares of Public Storage during the fourth quarter valued at $67,000. 78.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Scotiabank reduced their price objective on 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. Barclays reaffirmed an “overweight” rating and set a $354.00 price objective (down from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Truist Financial cut their target price on shares of Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a research report on Tuesday, March 18th. Royal Bank of Canada lowered their price target on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. Finally, Wells Fargo & Company cut 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. Seven analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $338.73.

Public Storage Price Performance

Shares of NYSE:PSA opened at $297.44 on Thursday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market capitalization of $52.18 billion, a P/E ratio of 30.89, a P/E/G ratio of 4.91 and a beta of 0.73. The business has a 50-day moving average of $300.14 and a two-hundred day moving average of $318.76. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were given a dividend of $3.00 per share. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.03%. Public Storage’s payout ratio is currently 112.89%.

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.