Hennion & Walsh Asset Management Inc. Acquires 298 Shares of Public Storage (NYSE:PSA)

Hennion & Walsh Asset Management Inc. raised its stake in shares of Public Storage (NYSE:PSA) by 6.1% during the fourth quarter, Holdings Channel reports. The firm owned 5,219 shares of the real estate investment trust’s stock after buying an additional 298 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Public Storage were worth $1,563,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Prospera Private Wealth LLC bought a new stake in Public Storage during the third quarter worth about $34,000. Ashton Thomas Securities LLC acquired a new stake in Public Storage during the 3rd quarter valued at $38,000. Compagnie Lombard Odier SCmA acquired a new stake in Public Storage during the 3rd quarter valued at $50,000. Harbor Capital Advisors Inc. bought a new position in Public Storage in the 3rd quarter valued at $55,000. Finally, Deseret Mutual Benefit Administrators boosted its stake in Public Storage by 39.2% in the third quarter. Deseret Mutual Benefit Administrators now owns 206 shares of the real estate investment trust’s stock worth $75,000 after purchasing an additional 58 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Price Performance

Shares of PSA opened at $296.25 on Friday. The stock has a market cap of $51.88 billion, a P/E ratio of 30.76, a price-to-earnings-growth ratio of 4.65 and a beta of 0.74. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99. The stock’s 50-day moving average price is $316.96 and its two-hundred day moving average price is $325.35. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date was Friday, December 13th. Public Storage’s dividend payout ratio is currently 124.61%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Barclays lowered their target price on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Truist Financial upped their target price on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Morgan Stanley raised their price target on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and upped their price objective for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Evercore ISI lowered their target price on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Seven investment analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $344.54.

Insider Buying and Selling at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the business’s stock in a transaction on 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 transaction, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 11.10% of the company’s stock.

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.