Global Wealth Strategies & Associates Makes New $95,000 Investment in Public Storage (NYSE:PSA)

Global Wealth Strategies & Associates acquired a new position in shares of Public Storage (NYSE:PSA) during the 4th quarter, Holdings Channel reports. The fund acquired 317 shares of the real estate investment trust’s stock, valued at approximately $95,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Prospera Private Wealth LLC acquired a new stake in Public Storage in the 3rd quarter worth about $34,000. Ashton Thomas Securities LLC purchased a new position in shares of Public Storage during the 3rd quarter worth about $38,000. Compagnie Lombard Odier SCmA acquired a new stake in shares of Public Storage in the third quarter worth approximately $50,000. Harbor Capital Advisors Inc. purchased a new stake in Public Storage in the third quarter valued at approximately $55,000. Finally, Deseret Mutual Benefit Administrators grew its holdings 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 valued at $75,000 after purchasing an additional 58 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Insider Activity at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of the business’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $317.99, for a total value of $143,095.50. Following the completion of the sale, the insider now directly owns 2,364 shares of the company’s stock, valued at $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 11.00% of the stock is currently owned by corporate insiders.

Public Storage Stock Down 1.4 %

Shares of PSA stock traded down $4.32 on Thursday, hitting $295.12. The stock had a trading volume of 299,991 shares, compared to its average volume of 719,218. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The firm has a market capitalization of $51.68 billion, a price-to-earnings ratio of 30.65, a P/E/G ratio of 5.29 and a beta of 0.71. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The stock’s 50 day moving average is $326.30 and its 200-day moving average is $325.13.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were paid a $3.00 dividend. The ex-dividend date was Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.07%. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

Analysts Set New Price Targets

A number of brokerages have weighed in on PSA. Morgan Stanley lifted 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. Wells Fargo & Company reduced their target price on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Barclays dropped their price target on Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a research note on Tuesday, November 12th. Truist Financial lifted their price objective on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Finally, Evercore ISI dropped their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and an average target price of $342.07.

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.