Nwam LLC Buys New Position in Public Storage (NYSE:PSA)

Nwam LLC purchased a new position in shares of Public Storage (NYSE:PSA) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 666 shares of the real estate investment trust’s stock, valued at approximately $242,000.

Several other hedge funds have also made changes to their positions in PSA. SVB Wealth LLC raised its stake in shares of Public Storage by 17.8% in the first quarter. SVB Wealth LLC now owns 946 shares of the real estate investment trust’s stock valued at $274,000 after acquiring an additional 143 shares in the last quarter. Caxton Associates LP increased its holdings in Public Storage by 89.5% during the 1st quarter. Caxton Associates LP now owns 2,181 shares of the real estate investment trust’s stock worth $633,000 after purchasing an additional 1,030 shares during the period. Bayesian Capital Management LP acquired a new stake in Public Storage in the 1st quarter valued at about $770,000. B. Riley Wealth Advisors Inc. boosted its stake in shares of Public Storage by 19.0% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 2,639 shares of the real estate investment trust’s stock valued at $765,000 after buying an additional 421 shares during the period. Finally, California State Teachers Retirement System grew its position in shares of Public Storage by 1.6% during the first quarter. California State Teachers Retirement System now owns 262,785 shares of the real estate investment trust’s stock worth $76,223,000 after buying an additional 4,078 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on PSA shares. Evercore ISI reduced their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Barclays decreased their price objective on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. Wolfe Research raised Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Citigroup lifted their price target on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Finally, Royal Bank of Canada lowered their price objective on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $339.64.

Public Storage Stock Up 3.0 %

PSA stock opened at $347.86 on Tuesday. The company has a market cap of $60.91 billion, a price-to-earnings ratio of 36.12, a price-to-earnings-growth ratio of 5.61 and a beta of 0.70. The company has a fifty day moving average price of $343.52 and a 200 day moving average price of $317.53. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a 12 month low of $252.96 and a 12 month high of $369.99.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.45%. Public Storage’s dividend payout ratio (DPR) is 124.61%.

About Public Storage

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.