JPL Wealth Management LLC Acquires New Position in Public Storage (NYSE:PSA)

JPL Wealth Management LLC bought a new stake in shares of Public Storage (NYSE:PSA - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 5,456 shares of the real estate investment trust's stock, valued at approximately $1,634,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Public Storage by 5.0% during 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 purchasing an additional 2,566 shares during the last quarter. Larson Financial Group LLC raised its holdings in shares of Public Storage by 3,714.6% during 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 acquiring an additional 1,783 shares during the period. Capital Investment Advisors LLC raised its holdings in shares of 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 valued at $8,566,000 after acquiring an additional 5,793 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in shares of Public Storage by 114.2% during the third 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 acquiring an additional 48,803 shares during the period. Finally, Meridian Wealth Management LLC acquired a new stake in shares of Public Storage during the fourth quarter valued at approximately $395,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Barclays restated an "overweight" rating and set a $354.00 price target (down previously from $361.00) on shares of Public Storage in a report on Wednesday. Royal Bank of Canada dropped 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 note on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a "sell" rating to a "hold" rating and upped their price objective for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Scotiabank dropped their price objective on shares of Public Storage from $338.00 to $333.00 and set a "sector perform" rating on the stock in a research note on Wednesday, March 5th. Finally, 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. Seven research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $339.69.

Remove Ads

Public Storage Price Performance

Shares of Public Storage stock opened at $303.39 on Thursday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a fifty day moving average price of $299.92 and a two-hundred day moving average price of $324.23. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The company has a market cap of $53.22 billion, a PE ratio of 31.50, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.96%. The ex-dividend date is Thursday, March 13th. Public Storage's dividend payout ratio is currently 112.89%.

Insiders Place Their Bets

In related 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 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 transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 11.10% of the company's stock.

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.

Want to see what other hedge funds are holding PSA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Storage (NYSE:PSA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.