Maltin Wealth Management Inc. Has $909,000 Stock Position in Public Storage (NYSE:PSA)

Maltin Wealth Management Inc. cut its holdings in Public Storage (NYSE:PSA) by 5.7% during the fourth quarter, Holdings Channel.com reports. The firm owned 3,037 shares of the real estate investment trust’s stock after selling 183 shares during the quarter. Maltin Wealth Management Inc.’s holdings in Public Storage were worth $909,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Public Storage by 732.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock worth $561,763,000 after purchasing an additional 1,358,493 shares during the last quarter. Adelante Capital Management LLC lifted its stake in Public Storage by 389.9% in the third quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock valued at $532,465,000 after acquiring an additional 1,164,630 shares during the last quarter. FMR LLC grew its position in shares of Public Storage by 20.9% in the 3rd quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock valued at $1,828,763,000 after acquiring an additional 869,066 shares during the period. Daiwa Securities Group Inc. increased its stake in shares of Public Storage by 57.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust’s stock worth $405,278,000 after purchasing an additional 405,847 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in Public Storage by 116.7% during the second quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust’s stock worth $111,077,000 after purchasing an additional 208,546 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $317.99, for a total value of $143,095.50. Following the sale, the insider now directly owns 2,364 shares of the company’s stock, valued at $751,728.36. This trade represents a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 11.10% of the company’s stock.

Public Storage Stock Down 0.5 %

Shares of NYSE PSA opened at $296.25 on Monday. The stock has a market capitalization of $51.88 billion, a P/E ratio of 30.76, a PEG ratio of 4.65 and a beta of 0.74. The stock’s fifty day moving average is $316.96 and its 200 day moving average is $325.63. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99. 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis 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 presently 124.61%.

Analyst Ratings Changes

A number of research analysts recently weighed in on PSA shares. Deutsche Bank Aktiengesellschaft raised 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 report on Friday, January 10th. Barclays dropped their price objective on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a research report on Monday, January 13th. Evercore ISI reduced their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Royal Bank of Canada lowered their price target on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Finally, Truist Financial raised their price objective on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Seven analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and a consensus target price of $344.54.

Public Storage Company 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.