Whitener Capital Management Inc. Boosts Stock Holdings in Public Storage (NYSE:PSA)

Whitener Capital Management Inc. boosted its stake in shares of Public Storage (NYSE:PSA) by 11.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,436 shares of the real estate investment trust’s stock after purchasing an additional 147 shares during the period. Whitener Capital Management Inc.’s holdings in Public Storage were worth $523,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Norden Group LLC acquired a new stake in shares of Public Storage in the first quarter worth $1,548,000. First Trust Direct Indexing L.P. increased its position in shares of Public Storage by 25.6% in the first quarter. First Trust Direct Indexing L.P. now owns 3,058 shares of the real estate investment trust’s stock worth $887,000 after acquiring an additional 624 shares in the last quarter. Mission Wealth Management LP increased its position in shares of Public Storage by 8.7% in the first quarter. Mission Wealth Management LP now owns 1,066 shares of the real estate investment trust’s stock worth $309,000 after acquiring an additional 85 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Public Storage by 14.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 38,810 shares of the real estate investment trust’s stock worth $11,063,000 after acquiring an additional 4,825 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its position in shares of Public Storage by 33.2% in the first quarter. Janney Montgomery Scott LLC now owns 33,679 shares of the real estate investment trust’s stock worth $9,769,000 after acquiring an additional 8,391 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of PSA stock opened at $323.66 on Friday. The firm has a market cap of $56.65 billion, a P/E ratio of 33.61, a P/E/G ratio of 4.64 and a beta of 0.70. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.93. Public Storage has a 1-year low of $241.60 and a 1-year high of $369.99. The firm has a fifty day moving average of $347.69 and a two-hundred day moving average of $309.14.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.71%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio is currently 124.61%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PSA shares. Scotiabank increased their price objective on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Royal Bank of Canada assumed coverage on shares of Public Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price target for the company. Wells Fargo & Company raised their price target on shares of Public Storage from $320.00 to $375.00 and gave the company an “overweight” rating in a report on Monday, October 21st. Citigroup raised their price target on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target for the company. in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $341.43.

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.