Prospera Private Wealth LLC Invests $34,000 in Public Storage (NYSE:PSA)

Prospera Private Wealth LLC purchased a new stake in Public Storage (NYSE:PSA) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 93 shares of the real estate investment trust’s stock, valued at approximately $34,000.

Several other hedge funds have also added to or reduced their stakes in the business. Manning & Napier Advisors LLC acquired a new stake in shares of Public Storage during the 2nd quarter worth about $14,301,000. Allspring Global Investments Holdings LLC lifted its position in Public Storage by 1.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock worth $51,762,000 after acquiring an additional 2,605 shares during the last quarter. PGGM Investments grew its position in shares of Public Storage by 8.0% in the second quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock valued at $48,162,000 after purchasing an additional 12,396 shares during the last quarter. Swedbank AB bought a new position in shares of Public Storage during the first quarter worth approximately $17,465,000. Finally, Massmutual Trust Co. FSB ADV increased its stake in shares of Public Storage by 15.6% during the second quarter. Massmutual Trust Co. FSB ADV now owns 20,566 shares of the real estate investment trust’s stock worth $5,916,000 after purchasing an additional 2,770 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PSA. Truist Financial lowered Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a report on Thursday, August 1st. Barclays lowered their price target on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 12th. Evercore ISI decreased 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 research report on Monday, October 14th. Scotiabank raised their target price on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. Finally, Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target on the stock. in a research report on Monday, August 5th. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $339.64.

Public Storage Stock Performance

NYSE:PSA opened at $337.62 on Friday. Public Storage has a twelve month low of $251.49 and a twelve month high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock’s 50-day simple moving average is $343.82 and its 200 day simple moving average is $316.39. The firm has a market capitalization of $59.12 billion, a PE ratio of 35.06, a price-to-earnings-growth ratio of 5.56 and a beta of 0.70.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.55%. The ex-dividend date is Friday, December 13th. Public Storage’s payout ratio is 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.