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

Ritholtz Wealth Management lifted its position in Public Storage (NYSE:PSA) by 42.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,884 shares of the real estate investment trust’s stock after purchasing an additional 2,332 shares during the quarter. Ritholtz Wealth Management’s holdings in Public Storage were worth $2,361,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Prospera Private Wealth LLC purchased a new position in Public Storage during the 3rd quarter worth approximately $34,000. Ashton Thomas Securities LLC acquired a new stake in shares of Public Storage in the third quarter worth $38,000. Compagnie Lombard Odier SCmA purchased a new position in shares of Public Storage during the third quarter worth $50,000. Harbor Capital Advisors Inc. acquired a new position in Public Storage during the third quarter valued at $55,000. Finally, Versant Capital Management Inc boosted its holdings in Public Storage by 301.7% in the fourth quarter. Versant Capital Management Inc now owns 237 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 178 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Insider Activity at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the company’s stock in a transaction 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 of the company’s stock, valued at $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 11.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Morgan Stanley lifted their price objective on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Truist Financial boosted their price target on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Evercore ISI dropped their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Royal Bank of Canada decreased their target price on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Finally, Wells Fargo & Company dropped their price target on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Seven research analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $344.54.

Public Storage Trading Down 0.5 %

PSA stock opened at $296.25 on Friday. The business’s 50-day moving average is $317.82 and its 200 day moving average is $325.26. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The stock has a market cap of $51.88 billion, a price-to-earnings ratio of 30.76, a PEG ratio of 4.65 and a beta of 0.74. 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 Announces Dividend

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

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.