Moran Wealth Management LLC Reduces Stock Position in Public Storage (NYSE:PSA)

Moran Wealth Management LLC trimmed its position in Public Storage (NYSE:PSA) by 1.8% in the 3rd quarter, HoldingsChannel reports. The firm owned 38,044 shares of the real estate investment trust’s stock after selling 695 shares during the quarter. Moran Wealth Management LLC’s holdings in Public Storage were worth $13,843,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. OFI Invest Asset Management acquired a new stake in shares of Public Storage in the second quarter worth $32,000. Prospera Private Wealth LLC acquired a new stake in Public Storage in the third quarter valued at approximately $34,000. Opal Wealth Advisors LLC purchased a new stake in shares of Public Storage in the second quarter valued at approximately $36,000. Ashton Thomas Securities LLC acquired a new position in shares of Public Storage during the 3rd quarter worth approximately $38,000. Finally, Crewe Advisors LLC purchased a new position in shares of Public Storage during the 1st quarter valued at approximately $39,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on PSA shares. Scotiabank increased their price objective on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a research report on Thursday, August 1st. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a report on Monday, August 5th. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Finally, Barclays cut their price objective on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $339.64.

Public Storage Price Performance

Public Storage stock traded down $1.69 during midday trading on Wednesday, reaching $332.76. 51,924 shares of the company were exchanged, compared to its average volume of 713,167. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market capitalization of $58.27 billion, a price-to-earnings ratio of 34.74, a P/E/G ratio of 5.57 and a beta of 0.70. The firm’s 50-day simple moving average is $345.22 and its 200-day simple moving average is $315.64. Public Storage has a 1 year low of $251.49 and a 1 year 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 given a dividend of $3.00 per share. The ex-dividend date is Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 3.61%. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

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.