JGP Wealth Management LLC Raises Stock Holdings in Public Storage (NYSE:PSA)

JGP Wealth Management LLC increased its stake in shares of Public Storage (NYSE:PSA) by 1.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 7,708 shares of the real estate investment trust’s stock after purchasing an additional 129 shares during the quarter. JGP Wealth Management LLC’s holdings in Public Storage were worth $2,308,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Prospera Private Wealth LLC bought a new position in shares of Public Storage during the 3rd quarter valued at approximately $34,000. Ashton Thomas Securities LLC bought a new position in shares of Public Storage during the 3rd quarter valued at approximately $38,000. Compagnie Lombard Odier SCmA bought a new position in shares of Public Storage during the 3rd quarter valued at approximately $50,000. Harbor Capital Advisors Inc. bought a new position in shares of Public Storage during the 3rd quarter valued at approximately $55,000. Finally, Deseret Mutual Benefit Administrators increased its position in shares of Public Storage by 39.2% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 206 shares of the real estate investment trust’s stock valued at $75,000 after purchasing an additional 58 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Insider Buying and Selling at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $317.99, for a total value of $143,095.50. Following the completion of the transaction, the insider now directly owns 2,364 shares in the company, valued at $751,728.36. This trade represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 11.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PSA. Barclays cut their target price on Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a research report on Monday. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and upped their price objective for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Evercore ISI cut their price objective on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Morgan Stanley upped their price objective on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Finally, Wells Fargo & Company cut their price objective on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Seven analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $344.54.

Public Storage Trading Up 2.5 %

Public Storage stock opened at $297.79 on Friday. The stock has a 50-day moving average of $318.53 and a two-hundred day moving average of $325.45. 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 has a one year low of $256.31 and a one year high of $369.99. The stock has a market cap of $52.15 billion, a PE ratio of 30.92, a price-to-earnings-growth ratio of 4.65 and a beta of 0.74.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.03%. The ex-dividend date was Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

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.