Wambolt & Associates LLC Sells 690 Shares of Public Storage (NYSE:PSA)

Wambolt & Associates LLC trimmed its holdings in shares of Public Storage (NYSE:PSA) by 13.4% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 4,474 shares of the real estate investment trust’s stock after selling 690 shares during the period. Wambolt & Associates LLC’s holdings in Public Storage were worth $1,340,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Quent Capital LLC grew its holdings in Public Storage by 135.1% in the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 50 shares during the last quarter. Synergy Asset Management LLC purchased a new position in shares of Public Storage during the fourth quarter valued at approximately $38,000. Millstone Evans Group LLC bought a new position in shares of Public Storage during the fourth quarter valued at approximately $38,000. Toth Financial Advisory Corp lifted its stake in Public Storage by 48.2% in the fourth quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock worth $61,000 after acquiring an additional 66 shares during the period. Finally, Parkworth Wealth Management Inc. bought a new stake in Public Storage in the fourth quarter valued at $67,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on PSA shares. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and raised their target price for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Wells Fargo & Company reduced their target price on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Royal Bank of Canada decreased their target price on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 26th. Scotiabank cut their price target on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 5th. Finally, Truist Financial lowered their price objective on Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a research note on Tuesday, March 18th. Seven equities research analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $338.00.

Public Storage Price Performance

Shares of PSA stock opened at $295.07 on Tuesday. The stock’s 50-day moving average is $300.07 and its 200 day moving average is $321.50. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market cap of $51.76 billion, a P/E ratio of 30.64, a PEG ratio of 4.91 and a beta of 0.73.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be given a dividend of $3.00 per share. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.07%. Public Storage’s payout ratio is 112.89%.

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.