Sheets Smith Wealth Management Trims Stock Holdings in Public Storage (NYSE:PSA)

Sheets Smith Wealth Management lessened its stake in shares of Public Storage (NYSE:PSA) by 0.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,418 shares of the real estate investment trust’s stock after selling 53 shares during the quarter. Public Storage makes up approximately 1.3% of Sheets Smith Wealth Management’s holdings, making the stock its 16th largest holding. Sheets Smith Wealth Management’s holdings in Public Storage were worth $10,340,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Petredis Investment Advisors LLC boosted its holdings in Public Storage by 0.4% in the 3rd 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 lifted its position in shares of 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 worth $300,000 after purchasing an additional 30 shares in the last quarter. Yoder Wealth Management Inc. boosted its stake in shares of Public Storage by 5.0% in the third quarter. Yoder Wealth Management Inc. now owns 763 shares of the real estate investment trust’s stock valued at $278,000 after purchasing an additional 36 shares during the period. Assenagon Asset Management S.A. grew its holdings in Public Storage by 0.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust’s stock valued at $1,201,000 after purchasing an additional 39 shares in the last quarter. Finally, Rise Advisors LLC increased its stake in Public Storage by 3.4% during the 3rd quarter. Rise Advisors LLC now owns 1,275 shares of the real estate investment trust’s stock worth $464,000 after buying an additional 42 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Trading Up 1.9 %

Public Storage stock opened at $339.42 on Friday. Public Storage has a 1 year low of $241.60 and a 1 year high of $369.99. The firm’s 50-day moving average is $346.94 and its 200-day moving average is $311.34. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market cap of $59.44 billion, a P/E ratio of 35.25, a PEG ratio of 4.58 and a beta of 0.70.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.54%. Public Storage’s dividend payout ratio is currently 124.61%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PSA shares. Wolfe Research raised Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Jefferies Financial Group lifted their price objective on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Royal Bank of Canada cut their target price on Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research report on Friday. Morgan Stanley raised their price target on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Finally, Wells Fargo & Company dropped their price target on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. One equities 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $339.71.

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.