Lake Street Advisors Group LLC Boosts Stake in Public Storage (NYSE:PSA)

Lake Street Advisors Group LLC raised its position in shares of Public Storage (NYSE:PSA) by 14.5% in the fourth quarter, Holdings Channel.com reports. The fund owned 992 shares of the real estate investment trust’s stock after buying an additional 126 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Public Storage were worth $297,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Quent Capital LLC grew its position in Public Storage by 135.1% during the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 50 shares during the period. Prospera Private Wealth LLC purchased a new stake in shares of Public Storage in the third quarter worth about $34,000. Ashton Thomas Securities LLC acquired a new stake in shares of Public Storage in the third quarter valued at about $38,000. Synergy Asset Management LLC acquired a new stake in shares of Public Storage in the fourth quarter valued at about $38,000. Finally, Harbor Capital Advisors Inc. acquired a new stake in shares of Public Storage in the third quarter valued at about $55,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Trading Down 0.7 %

NYSE:PSA opened at $303.46 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The business’s 50 day moving average is $298.29 and its two-hundred day moving average is $325.09. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99. The company has a market cap of $53.14 billion, a PE ratio of 31.51, a P/E/G ratio of 4.91 and a beta of 0.74.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.95%. The ex-dividend date is Thursday, March 13th. Public Storage’s dividend payout ratio is presently 112.89%.

Insiders Place Their Bets

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $317.99, for a total transaction of $143,095.50. Following the transaction, the insider now owns 2,364 shares of the company’s stock, valued at $751,728.36. This trade represents a 15.99 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 11.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and increased their target price for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Wells Fargo & Company lowered their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Barclays lowered their target price on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Truist Financial increased their target price on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Finally, Royal Bank of Canada lowered their target price on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research note on Wednesday. Seven investment analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $340.69.

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.