Global Wealth Strategies & Associates Takes $95,000 Position in Public Storage (NYSE:PSA)

Global Wealth Strategies & Associates purchased a new position in shares of Public Storage (NYSE:PSA) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 317 shares of the real estate investment trust’s stock, valued at approximately $95,000.

Other institutional investors also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC purchased a new position in shares of Public Storage during the third quarter worth approximately $34,000. Ashton Thomas Securities LLC acquired a new stake in Public Storage during the 3rd quarter worth $38,000. Compagnie Lombard Odier SCmA acquired a new position in Public Storage in the third quarter valued at $50,000. Harbor Capital Advisors Inc. acquired a new position in Public Storage in the third quarter valued at $55,000. Finally, Deseret Mutual Benefit Administrators raised its holdings in shares of 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 buying an additional 58 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on PSA. Wells Fargo & Company dropped their price target on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Barclays dropped their target price on Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. Jefferies Financial Group lifted their price objective on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Truist Financial upped their price objective 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. Finally, Royal Bank of Canada lowered their target price on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and a consensus price target of $342.07.

Insider Buying and Selling 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 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 approximately $751,728.36. The trade was a 15.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 11.00% of the stock is owned by insiders.

Public Storage Price Performance

NYSE:PSA traded down $4.32 during mid-day trading on Thursday, hitting $295.12. 299,991 shares of the company’s stock traded hands, compared to its average volume of 719,218. 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 $51.68 billion, a PE ratio of 30.65, a price-to-earnings-growth 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 firm’s 50 day simple moving average is $326.30 and its 200 day simple moving average is $325.13.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.07%. The ex-dividend date of this dividend was Friday, December 13th. Public Storage’s 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.