Ritholtz Wealth Management Boosts Holdings in Public Storage (NYSE:PSA)

Ritholtz Wealth Management increased its position in shares of Public Storage (NYSE:PSA) by 42.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 7,884 shares of the real estate investment trust’s stock after buying an additional 2,332 shares during the quarter. Ritholtz Wealth Management’s holdings in Public Storage were worth $2,361,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC raised its position in Public Storage by 1.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock valued at $51,762,000 after purchasing an additional 2,605 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in Public Storage by 114.2% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust’s stock valued at $33,302,000 after buying an additional 48,803 shares during the period. Larson Financial Group LLC lifted its position in Public Storage by 3,714.6% in the third quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust’s stock valued at $666,000 after buying an additional 1,783 shares during the last quarter. Capital Investment Advisors LLC boosted its stake in 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 worth $8,566,000 after buying an additional 5,793 shares during the period. Finally, Handelsbanken Fonder AB increased its position in shares of Public Storage by 4.1% during the third quarter. Handelsbanken Fonder AB now owns 72,741 shares of the real estate investment trust’s stock valued at $26,468,000 after acquiring an additional 2,832 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 450 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $317.99, for a total transaction of $143,095.50. Following the completion of the sale, the insider now owns 2,364 shares in the company, valued at approximately $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 can be accessed through this link. Company insiders own 11.10% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on PSA shares. Royal Bank of Canada lowered their price objective on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Barclays dropped their price objective 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. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and increased their target price for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Truist Financial lifted their target price on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Finally, Morgan Stanley increased their price target on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Seven investment analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $344.54.

Public Storage Stock Performance

Shares of PSA stock opened at $296.25 on Friday. The company has a market cap of $51.88 billion, a P/E ratio of 30.76, a PEG ratio of 4.65 and a beta of 0.74. The firm has a fifty day moving average price of $317.82 and a 200 day moving average price of $325.26. 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 has a 12 month low of $256.31 and a 12 month high of $369.99.

Public Storage Announces Dividend

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

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.