Public Storage (NYSE:PSA) Shares Bought by IHT Wealth Management LLC

IHT Wealth Management LLC grew its holdings in Public Storage (NYSE:PSA) by 40.7% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,262 shares of the real estate investment trust’s stock after buying an additional 365 shares during the quarter. IHT Wealth Management LLC’s holdings in Public Storage were worth $458,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Investment Management Corp of Ontario lifted its holdings in Public Storage by 6.5% in the third quarter. Investment Management Corp of Ontario now owns 14,872 shares of the real estate investment trust’s stock valued at $5,411,000 after acquiring an additional 905 shares during the period. Janus Henderson Group PLC lifted its stake in shares of Public Storage by 1.0% in the third quarter. Janus Henderson Group PLC now owns 401,157 shares of the real estate investment trust’s stock valued at $145,908,000 after purchasing an additional 3,935 shares during the period. Heitman Real Estate Securities LLC boosted its holdings in Public Storage by 12.5% during the third quarter. Heitman Real Estate Securities LLC now owns 117,194 shares of the real estate investment trust’s stock worth $42,643,000 after buying an additional 12,994 shares in the last quarter. HighTower Advisors LLC grew its position in Public Storage by 0.6% during the third quarter. HighTower Advisors LLC now owns 349,663 shares of the real estate investment trust’s stock worth $127,241,000 after buying an additional 1,969 shares during the period. Finally, Hilltop Holdings Inc. purchased a new position in Public Storage in the third quarter valued at about $349,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Trading Up 0.4 %

Shares of PSA opened at $334.00 on Monday. 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 capitalization of $58.49 billion, a PE ratio of 34.68, a price-to-earnings-growth ratio of 5.57 and a beta of 0.71. The stock has a fifty day moving average of $340.38 and a two-hundred day moving average of $321.30. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 3.59%. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

Wall Street Analyst Weigh In

PSA has been the topic of a number of research reports. Morgan Stanley upped their price target on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Barclays decreased their price objective on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 12th. Scotiabank raised their target price on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. Finally, Wells Fargo & Company reduced their price target on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $342.07.

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.