Forza Wealth Management LLC Grows Stock Holdings in Public Storage (NYSE:PSA)

Forza Wealth Management LLC grew its holdings in shares of Public Storage (NYSE:PSA) by 7.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 750 shares of the real estate investment trust’s stock after purchasing an additional 53 shares during the quarter. Forza Wealth Management LLC’s holdings in Public Storage were worth $225,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Prospera Private Wealth LLC purchased a new position in Public Storage during the third quarter worth about $34,000. Ashton Thomas Securities LLC acquired a new stake in shares of Public Storage in the third quarter worth approximately $38,000. Compagnie Lombard Odier SCmA acquired a new stake in shares of Public Storage in the third quarter worth approximately $50,000. Harbor Capital Advisors Inc. purchased a new stake in Public Storage in the third quarter valued at approximately $55,000. Finally, Versant Capital Management Inc raised its stake in Public Storage by 301.7% during the fourth quarter. Versant Capital Management Inc now owns 237 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 178 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Up 0.2 %

Shares of NYSE PSA traded up $0.48 during midday trading on Monday, reaching $289.47. 225,373 shares of the company’s stock were exchanged, compared to its average volume of 608,451. 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 52-week low of $256.31 and a 52-week high of $369.99. The business’s fifty day moving average price is $321.09 and its two-hundred day moving average price is $325.66. The stock has a market capitalization of $50.69 billion, a PE ratio of 30.06, a price-to-earnings-growth ratio of 5.29 and a beta of 0.74.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date of this dividend was Friday, December 13th. Public Storage’s payout ratio is currently 124.61%.

Analyst Ratings Changes

A number of brokerages have weighed in on PSA. Barclays decreased their price target on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a report on Monday. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and raised their price objective for the stock from $298.00 to $299.00 in a report on Friday. Evercore ISI decreased their target price on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Truist Financial raised their price target on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Finally, Jefferies Financial Group boosted their price objective on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Seven equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $344.54.

Insider Buying and Selling

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the company’s 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 sale, the insider now owns 2,364 shares in the company, valued at $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 11.00% of the company’s stock.

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.