Freedom Investment Management Inc. Decreases Position in Public Storage (NYSE:PSA)

Freedom Investment Management Inc. decreased its stake in Public Storage (NYSE:PSA) by 27.2% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,107 shares of the real estate investment trust’s stock after selling 413 shares during the quarter. Freedom Investment Management Inc.’s holdings in Public Storage were worth $403,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. Prospera Private Wealth LLC purchased a new stake in Public Storage in the 3rd quarter worth about $34,000. Ashton Thomas Securities LLC bought a new position in shares of Public Storage during the third quarter valued at approximately $38,000. OFI Invest Asset Management purchased a new stake in shares of Public Storage in the second quarter worth approximately $32,000. Opal Wealth Advisors LLC bought a new stake in shares of Public Storage during the 2nd quarter worth approximately $36,000. Finally, EdgeRock Capital LLC purchased a new position in Public Storage during the 2nd quarter valued at $39,000. Institutional investors own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

PSA has been the topic of a number of recent analyst reports. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Wells Fargo & Company decreased their price objective on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Morgan Stanley raised their target price on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Jefferies Financial Group lifted their price target on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, Scotiabank increased their price objective on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $339.64.

Public Storage Trading Down 0.9 %

NYSE PSA opened at $348.05 on Friday. Public Storage has a 52 week low of $255.78 and a 52 week high of $369.99. The company has a 50 day moving average price of $342.76 and a 200 day moving average price of $319.29. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The firm has a market cap of $60.95 billion, a PE ratio of 36.14, a price-to-earnings-growth ratio of 5.84 and a beta of 0.70.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued 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 dividend yield of 3.45%. Public Storage’s dividend payout ratio is presently 124.61%.

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.