Sagespring Wealth Partners LLC Makes New $271,000 Investment in Public Storage (NYSE:PSA)

Sagespring Wealth Partners LLC bought a new stake in Public Storage (NYSE:PSA - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 906 shares of the real estate investment trust's stock, valued at approximately $271,000.

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

Analysts Set New Price Targets

PSA has been the topic of a number of research reports. Bank of America upgraded shares of Public Storage from a "neutral" rating to a "buy" rating and raised their target price for the stock from $349.00 to $368.00 in a research report on Tuesday. Royal Bank of Canada lowered their price objective on shares of Public Storage from $342.00 to $329.00 and set a "sector perform" rating on the stock in a research report on Wednesday, February 26th. Wells Fargo & Company dropped their price objective on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft upgraded shares of 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. Finally, Scotiabank upgraded Public Storage from a "sector perform" rating to a "sector outperform" rating and dropped their price target for the company from $333.00 to $305.00 in a research report on Wednesday, April 9th. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $336.25.

Public Storage Stock Performance

NYSE PSA traded up $9.01 on Tuesday, hitting $296.57. 791,785 shares of the company's stock were exchanged, compared to its average volume of 735,938. The firm has a market cap of $52.02 billion, a price-to-earnings ratio of 30.80, a P/E/G ratio of 4.91 and a beta of 0.76. The firm's 50-day moving average price is $295.58 and its two-hundred day moving average price is $310.80. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were given a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.05%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage's payout ratio is 112.89%.

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.