Ritholtz Wealth Management Buys 2,332 Shares of Public Storage (NYSE:PSA)

Ritholtz Wealth Management boosted its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 42.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,884 shares of the real estate investment trust's stock after buying an additional 2,332 shares during the period. Ritholtz Wealth Management's holdings in Public Storage were worth $2,361,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PSA. Envestnet Asset Management Inc. grew its stake in Public Storage by 8.9% in the 2nd quarter. Envestnet Asset Management Inc. now owns 160,997 shares of the real estate investment trust's stock worth $46,311,000 after buying an additional 13,142 shares in the last quarter. Edgestream Partners L.P. purchased a new position in Public Storage in the second quarter worth $1,889,000. Mercer Global Advisors Inc. ADV increased its stake in Public Storage by 2.7% in the second quarter. Mercer Global Advisors Inc. ADV now owns 12,363 shares of the real estate investment trust's stock valued at $3,919,000 after acquiring an additional 325 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. raised its position in Public Storage by 6.5% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,112 shares of the real estate investment trust's stock valued at $1,183,000 after purchasing an additional 252 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its stake in Public Storage by 9.5% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 10,154 shares of the real estate investment trust's stock worth $2,903,000 after purchasing an additional 882 shares during the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Stock Down 0.5 %

PSA stock traded down $1.45 during trading on Friday, hitting $296.25. 587,329 shares of the stock traded hands, compared to its average volume of 651,906. The stock has a market cap of $51.88 billion, a price-to-earnings ratio of 30.76, a price-to-earnings-growth ratio of 4.65 and a beta of 0.74. 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 has a 1 year low of $256.31 and a 1 year high of $369.99. The firm's 50 day moving average is $316.96 and its two-hundred day moving average is $325.35.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.05%. The ex-dividend date of this dividend was Friday, December 13th. Public Storage's dividend payout ratio is currently 124.61%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Truist Financial boosted their price objective on shares of Public Storage from $306.00 to $340.00 and gave the stock a "hold" rating in a report on Thursday, December 5th. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a "sell" rating to a "hold" rating and boosted their price target for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Morgan Stanley raised 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. Royal Bank of Canada lowered their target price on 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, Barclays reduced their price target on Public Storage from $380.00 to $361.00 and set an "overweight" rating on the stock in a research report on Monday, January 13th. Seven investment analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $344.54.

Insider Activity

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction that occurred on 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 sale, 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate 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.