Axxcess Wealth Management LLC Grows Position in Public Storage (NYSE:PSA)

Axxcess Wealth Management LLC raised its holdings in shares of Public Storage (NYSE:PSA) by 68.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,709 shares of the real estate investment trust’s stock after purchasing an additional 693 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Public Storage were worth $622,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in PSA. OFI Invest Asset Management purchased a new stake in Public Storage during the second quarter valued at about $32,000. Opal Wealth Advisors LLC purchased a new position in Public Storage during the second quarter valued at approximately $36,000. Crewe Advisors LLC bought a new stake in Public Storage during the 1st quarter worth approximately $39,000. EdgeRock Capital LLC purchased a new stake in Public Storage in the 2nd quarter worth approximately $39,000. Finally, LRI Investments LLC purchased a new position in shares of Public Storage during the 1st quarter valued at $40,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Down 2.0 %

PSA opened at $330.24 on Wednesday. The company has a market cap of $57.83 billion, a P/E ratio of 34.67, a P/E/G ratio of 4.78 and a beta of 0.70. The business’s 50-day moving average price is $346.80 and its 200-day moving average price is $312.59. 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 has a 12 month low of $241.60 and a 12 month high of $369.99.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.63%. Public Storage’s payout ratio is presently 124.61%.

Analyst Ratings Changes

Several research firms recently issued reports on PSA. Truist Financial lowered Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a research note on Thursday, August 1st. Morgan Stanley boosted their price objective on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Scotiabank raised their target price on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. Citigroup lifted their target price on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Jefferies Financial Group increased their price target on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. One 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 stock. Based on data from MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and an average price target of $339.64.

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.