Chesapeake Capital Corp IL Sells 1,322 Shares of Public Storage (NYSE:PSA)

Chesapeake Capital Corp IL reduced its holdings in Public Storage (NYSE:PSA) by 56.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,032 shares of the real estate investment trust’s stock after selling 1,322 shares during the period. Chesapeake Capital Corp IL’s holdings in Public Storage were worth $309,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Quent Capital LLC increased its position in Public Storage by 135.1% in the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 50 shares during the period. Prospera Private Wealth LLC bought a new position in Public Storage in the 3rd quarter worth approximately $34,000. Synergy Asset Management LLC bought a new position in Public Storage in the 4th quarter worth approximately $38,000. Toth Financial Advisory Corp increased its position in 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 worth $61,000 after buying an additional 66 shares during the period. Finally, McIlrath & Eck LLC increased its position in Public Storage by 24.6% in the 3rd quarter. McIlrath & Eck LLC now owns 218 shares of the real estate investment trust’s stock worth $79,000 after buying an additional 43 shares during the period. 78.79% of the stock is owned by institutional investors.

Public Storage Price Performance

Shares of PSA stock opened at $298.27 on Wednesday. The stock’s fifty day simple moving average is $299.89 and its 200 day simple moving average is $322.86. 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 firm has a market cap of $52.32 billion, a price-to-earnings ratio of 30.97, a P/E/G ratio of 4.91 and a beta of 0.73. Public Storage has a one year low of $256.31 and a one year high of $369.99.

Public Storage Dividend Announcement

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 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date is Thursday, March 13th. Public Storage’s dividend payout ratio is currently 112.89%.

Analyst Ratings Changes

PSA has been the topic of several recent research reports. Barclays reissued an “overweight” rating and set a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Wells Fargo & Company decreased their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Royal Bank of Canada decreased their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. Scotiabank decreased their price objective on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a report on Wednesday, March 5th. Finally, Truist Financial decreased their price objective on Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a report on Tuesday. Seven analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus price target of $337.38.

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.