CreativeOne Wealth LLC Purchases Shares of 773 Public Storage (NYSE:PSA)

CreativeOne Wealth LLC acquired a new position in Public Storage (NYSE:PSA) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 773 shares of the real estate investment trust’s stock, valued at approximately $236,000.

Other institutional investors and hedge funds have also modified their holdings of the company. JPMorgan Chase & Co. raised its holdings in Public Storage by 29.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock worth $835,032,000 after acquiring an additional 729,262 shares during the period. Norges Bank bought a new position in shares of Public Storage in the fourth quarter worth about $821,151,000. Charles Schwab Investment Management Inc. lifted its position in shares of Public Storage by 8.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,687,170 shares of the real estate investment trust’s stock worth $794,161,000 after purchasing an additional 216,331 shares during the last quarter. Northern Trust Corp boosted its stake in Public Storage by 2.8% during the 3rd quarter. Northern Trust Corp now owns 2,311,981 shares of the real estate investment trust’s stock valued at $609,253,000 after purchasing an additional 63,289 shares during the period. Finally, Morgan Stanley boosted its stake in Public Storage by 0.8% during the 3rd quarter. Morgan Stanley now owns 1,680,149 shares of the real estate investment trust’s stock valued at $442,753,000 after purchasing an additional 13,864 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Public Storage

In other Public Storage news, Director Kristy Pipes bought 2,149 shares of the stock in a transaction dated Tuesday, May 14th. The stock was bought at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the purchase, the director now owns 2,149 shares in the company, valued at approximately $599,485.04. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 11.00% of the company’s stock.

Public Storage Stock Performance

NYSE PSA opened at $272.39 on Friday. The firm has a market cap of $47.87 billion, a price-to-earnings ratio of 24.74, a PEG ratio of 3.80 and a beta of 0.57. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.59. Public Storage has a 1-year low of $233.18 and a 1-year high of $312.25. The company has a 50 day moving average of $274.82 and a 200-day moving average of $279.30.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Wednesday, June 12th will be issued a dividend of $3.00 per share. The ex-dividend date is Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.41%. Public Storage’s dividend payout ratio is 108.99%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on PSA shares. Deutsche Bank Aktiengesellschaft initiated coverage on Public Storage in a report on Tuesday, January 30th. They set a “sell” rating and a $250.00 price target for the company. Raymond James upgraded shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price for the company in a research note on Thursday, March 28th. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $280.00 to $310.00 in a research report on Friday, April 5th. Barclays dropped their price objective on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a report on Monday, May 20th. Finally, BMO Capital Markets increased their target price on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $304.75.

Public Storage Company 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.