Sheets Smith Wealth Management Decreases Holdings in Public Storage (NYSE:PSA)

Sheets Smith Wealth Management lowered its holdings in Public Storage (NYSE:PSA) by 0.2% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 28,418 shares of the real estate investment trust’s stock after selling 53 shares during the quarter. Public Storage comprises 1.3% of Sheets Smith Wealth Management’s investment portfolio, making the stock its 16th biggest holding. Sheets Smith Wealth Management’s holdings in Public Storage were worth $10,340,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Centersquare Investment Management LLC grew its holdings in shares of Public Storage by 17.2% during the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after buying an additional 173,975 shares during the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Public Storage in the 2nd quarter valued at approximately $14,301,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Public Storage by 1.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock valued at $51,762,000 after purchasing an additional 2,605 shares during the period. PGGM Investments lifted its holdings in shares of Public Storage by 8.0% during the second quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock worth $48,162,000 after purchasing an additional 12,396 shares during the period. Finally, Swedbank AB acquired a new stake in shares of Public Storage during the first quarter worth $17,465,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on PSA. Wells Fargo & Company cut their price objective on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Scotiabank increased their price target on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. Jefferies Financial Group lifted their price objective on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Barclays increased their target price on Public Storage from $374.00 to $381.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Finally, Evercore ISI reduced their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage currently has an average rating of “Moderate Buy” and a consensus target price of $339.71.

Public Storage Trading Up 1.9 %

Shares of PSA stock opened at $339.42 on Friday. The stock has a market cap of $59.44 billion, a P/E ratio of 35.25, a P/E/G ratio of 4.58 and a beta of 0.70. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a fifty-two week low of $241.60 and a fifty-two week high of $369.99. The business has a fifty day simple moving average of $346.94 and a 200-day simple moving average of $311.34.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.54%. The ex-dividend date is Friday, December 13th. Public Storage’s payout ratio is currently 124.61%.

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.