Modern Wealth Management LLC Purchases 604 Shares of Public Storage (NYSE:PSA)

Modern Wealth Management LLC boosted its position in Public Storage (NYSE:PSA) by 81.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,349 shares of the real estate investment trust’s stock after acquiring an additional 604 shares during the period. Modern Wealth Management LLC’s holdings in Public Storage were worth $409,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in Public Storage by 5.0% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust’s stock valued at $16,089,000 after purchasing an additional 2,566 shares during the period. Capital Investment Advisors LLC increased its stake in shares of Public Storage by 25.4% during the fourth quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust’s stock valued at $8,566,000 after buying an additional 5,793 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Public Storage by 30.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust’s stock worth $40,926,000 after acquiring an additional 31,662 shares during the period. Meridian Wealth Management LLC bought a new stake in Public Storage in the fourth quarter valued at $395,000. Finally, Aew Capital Management L P increased its position in Public Storage by 108.6% during the 4th quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust’s stock valued at $131,574,000 after purchasing an additional 228,740 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Trading Up 0.2 %

Shares of NYSE:PSA opened at $292.21 on Friday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99. The company has a market cap of $51.26 billion, a P/E ratio of 30.34, a PEG ratio of 4.91 and a beta of 0.73. The stock’s fifty day moving average price is $299.95 and its 200-day moving average price is $320.70.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be paid a $3.00 dividend. The ex-dividend date is Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.11%. Public Storage’s dividend payout ratio is presently 112.89%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on PSA shares. Barclays reaffirmed an “overweight” rating and set a $354.00 target price (down previously from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Truist Financial cut their price objective on Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a research report on Tuesday, March 18th. Scotiabank lowered their target price 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. Royal Bank of Canada reduced their price target on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 26th. Finally, Wells Fargo & Company lowered their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Seven equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $338.00.

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.