Wedbush Securities Inc. Buys 157 Shares of Public Storage (NYSE:PSA)

Wedbush Securities Inc. lifted its stake in shares of Public Storage (NYSE:PSA) by 12.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 1,428 shares of the real estate investment trust’s stock after purchasing an additional 157 shares during the quarter. Wedbush Securities Inc.’s holdings in Public Storage were worth $428,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the stock. Quent Capital LLC boosted its position in shares of 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 acquiring an additional 50 shares during the period. Synergy Asset Management LLC bought a new position in shares of Public Storage in the fourth quarter worth $38,000. Millstone Evans Group LLC purchased a new stake in shares of Public Storage in the fourth quarter worth $38,000. Toth Financial Advisory Corp boosted its stake in Public Storage by 48.2% during the fourth 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 position in Public Storage during the fourth quarter worth about $67,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Trading Down 3.5 %

NYSE PSA opened at $266.03 on Wednesday. The firm has a market cap of $46.67 billion, a PE ratio of 27.62, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. The stock has a 50-day moving average of $298.41 and a 200-day moving average of $315.85. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were given a $3.00 dividend. The ex-dividend date was Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 4.51%. Public Storage’s payout ratio is currently 112.89%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on PSA shares. Scotiabank lowered their price target on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a report on Wednesday, March 5th. Royal Bank of Canada dropped their target price on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and raised their price objective for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Truist Financial cut 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, March 18th. Finally, Barclays reaffirmed an “overweight” rating and set a $354.00 price target (down previously from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Seven equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and an average price target of $338.73.

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.