RD Lewis Holdings Inc. Acquires New Position in Public Storage (NYSE:PSA)

RD Lewis Holdings Inc. acquired a new position in shares of Public Storage (NYSE:PSA - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 3,267 shares of the real estate investment trust's stock, valued at approximately $989,000.

Several other hedge funds also recently made changes to their positions in PSA. Quent Capital LLC lifted its position in Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust's stock valued at $26,000 after purchasing an additional 50 shares during the period. Prospera Private Wealth LLC purchased a new stake in Public Storage in the 3rd quarter worth approximately $34,000. Synergy Asset Management LLC purchased a new stake in Public Storage in the 4th quarter worth approximately $38,000. Toth Financial Advisory Corp grew its stake in shares of Public Storage by 48.2% during the 4th quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust's stock valued at $61,000 after buying an additional 66 shares during the period. Finally, Parkworth Wealth Management Inc. purchased a new stake in shares of Public Storage during the 4th quarter valued at $67,000. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Price Performance

PSA traded down $5.30 on Friday, hitting $291.19. 1,421,680 shares of the stock were exchanged, compared to its average volume of 679,097. The business has a 50-day moving average of $299.96 and a two-hundred day moving average of $322.12. Public Storage has a 12 month low of $256.31 and a 12 month 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. The firm has a market capitalization of $51.08 billion, a price-to-earnings ratio of 30.24, a PEG ratio of 4.91 and a beta of 0.73.

Remove Ads

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.12%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage's payout ratio is currently 112.89%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Scotiabank reduced their target price on shares of Public Storage from $338.00 to $333.00 and set a "sector perform" rating on the stock in a report on Wednesday, March 5th. Barclays reiterated an "overweight" rating and issued a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Truist Financial dropped their target price on shares of Public Storage from $316.00 to $310.00 and set a "hold" rating for the company in a research report on Tuesday. Wells Fargo & Company dropped their target price on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research report on Friday, February 21st. Finally, Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a "sell" rating to a "hold" rating and boosted their target price for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Seven equities research analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, Public Storage has an average rating of "Moderate Buy" and an average target price of $338.00.

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.