EverSource Wealth Advisors LLC Purchases 731 Shares of Public Storage (NYSE:PSA)

EverSource Wealth Advisors LLC lifted its position in shares of Public Storage (NYSE:PSA) by 399.5% during the fourth quarter, Holdings Channel reports. The firm owned 914 shares of the real estate investment trust’s stock after acquiring an additional 731 shares during the period. EverSource Wealth Advisors LLC’s holdings in Public Storage were worth $274,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Chesapeake Wealth Management lifted its position in shares of Public Storage by 2.2% during the 3rd quarter. Chesapeake Wealth Management now owns 1,538 shares of the real estate investment trust’s stock worth $560,000 after buying an additional 33 shares in the last quarter. Huntington National Bank increased its position in shares of Public Storage by 5.4% during the third quarter. Huntington National Bank now owns 645 shares of the real estate investment trust’s stock valued at $235,000 after acquiring an additional 33 shares during the last quarter. Lindenwold Advisors INC lifted its holdings in Public Storage by 0.8% during the third quarter. Lindenwold Advisors INC now owns 4,390 shares of the real estate investment trust’s stock worth $1,597,000 after acquiring an additional 34 shares during the period. Doliver Advisors LP boosted its position in Public Storage by 2.6% in the fourth quarter. Doliver Advisors LP now owns 1,446 shares of the real estate investment trust’s stock worth $433,000 after purchasing an additional 36 shares during the last quarter. Finally, Brooklyn Investment Group grew its stake in Public Storage by 3.4% in the 4th quarter. Brooklyn Investment Group now owns 1,152 shares of the real estate investment trust’s stock valued at $345,000 after purchasing an additional 38 shares during the period. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Truist Financial boosted their price target on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Wells Fargo & Company reduced their target price on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Scotiabank lowered their price target 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. Royal Bank of Canada reduced their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a report on Wednesday, February 26th. Finally, Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and boosted their target price for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Seven equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $339.69.

Public Storage Stock Performance

Public Storage stock opened at $298.29 on Friday. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The firm has a market capitalization of $52.33 billion, a PE ratio of 30.98, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. The firm’s 50 day simple moving average is $299.80 and its 200 day simple moving average is $323.59.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be given a $3.00 dividend. The ex-dividend date is Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.02%. Public Storage’s dividend payout ratio (DPR) is presently 112.89%.

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.