Moran Wealth Management LLC Sells 695 Shares of Public Storage (NYSE:PSA)

Moran Wealth Management LLC cut its holdings in shares of Public Storage (NYSE:PSA) by 1.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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.

A number of other hedge funds have also recently made changes to their positions in the company. Petredis Investment Advisors LLC lifted its stake in Public Storage by 0.4% in the third quarter. Petredis Investment Advisors LLC now owns 6,862 shares of the real estate investment trust’s stock worth $2,497,000 after acquiring an additional 30 shares during the period. S.A. Mason LLC boosted its stake in Public Storage by 3.8% during the third quarter. S.A. Mason LLC now owns 825 shares of the real estate investment trust’s stock valued at $300,000 after buying an additional 30 shares during the last quarter. Haverford Trust Co increased its position in Public Storage by 0.7% in the third quarter. Haverford Trust Co now owns 4,282 shares of the real estate investment trust’s stock worth $1,558,000 after purchasing an additional 30 shares during the last quarter. Huntington National Bank grew its position in Public Storage by 5.4% in the third quarter. Huntington National Bank now owns 645 shares of the real estate investment trust’s stock worth $235,000 after acquiring an additional 33 shares in the last quarter. Finally, Chesapeake Wealth Management boosted its holdings in shares of Public Storage by 2.2% in the 3rd quarter. Chesapeake Wealth Management now owns 1,538 shares of the real estate investment trust’s stock worth $560,000 after purchasing an additional 33 shares during the period. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Stock Down 0.5 %

Shares of Public Storage stock traded down $1.69 during trading on Wednesday, reaching $332.76. The company’s stock had a trading volume of 51,924 shares, compared to its average volume of 713,167. The company has a 50-day simple moving average of $345.22 and a two-hundred day simple moving average of $315.64. Public Storage has a 1-year low of $251.49 and a 1-year high of $369.99. The company has a market cap 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 company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a dividend of $3.00 per share. The ex-dividend date is Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.61%. Public Storage’s dividend payout ratio (DPR) is currently 124.61%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PSA. Barclays reduced their target price on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 12th. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a report on Thursday, August 1st. Morgan Stanley increased their target price on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Finally, Evercore ISI lowered their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and a consensus price target of $339.64.

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.