Parkworth Wealth Management Inc. Acquires Shares of 225 Public Storage (NYSE:PSA)

Parkworth Wealth Management Inc. acquired a new stake in shares of Public Storage (NYSE:PSA) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 225 shares of the real estate investment trust’s stock, valued at approximately $67,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Quent Capital LLC raised 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 buying an additional 50 shares during the last quarter. Prospera Private Wealth LLC acquired a new stake in Public Storage during the third quarter worth about $34,000. Ashton Thomas Securities LLC acquired a new stake in Public Storage during the third quarter worth about $38,000. Synergy Asset Management LLC acquired a new stake in Public Storage during the fourth quarter worth about $38,000. Finally, Toth Financial Advisory Corp increased its position 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 worth $61,000 after purchasing an additional 66 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the business’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $317.99, for a total transaction of $143,095.50. Following the sale, the insider now directly owns 2,364 shares in the company, valued at approximately $751,728.36. The trade was a 15.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 11.10% of the company’s stock.

Public Storage Price Performance

Shares of NYSE PSA opened at $308.21 on Wednesday. The firm has a market capitalization of $54.06 billion, a P/E ratio of 32.00, a PEG ratio of 4.91 and a beta of 0.73. Public Storage has a one year low of $256.31 and a one year high of $369.99. The company’s fifty day moving average is $299.84 and its two-hundred day moving average is $324.37. 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 business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be given a dividend of $3.00 per share. The ex-dividend date is Thursday, March 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.89%. Public Storage’s payout ratio is currently 112.89%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Truist Financial increased their target price on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and lifted their price target for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Barclays decreased their price target on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Scotiabank cut their price objective on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a report on Wednesday, March 5th. Finally, Royal Bank of Canada cut their target price on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. Seven 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $340.23.

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.