Leo Wealth LLC Invests $264,000 in Public Storage (NYSE:PSA)

Leo Wealth LLC purchased a new position in shares of Public Storage (NYSE:PSA) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 871 shares of the real estate investment trust’s stock, valued at approximately $264,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank bought a new position in Public Storage in the 4th quarter worth approximately $821,151,000. JPMorgan Chase & Co. grew 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 buying an additional 729,262 shares in the last quarter. Lazard Asset Management LLC grew its holdings in Public Storage by 555.6% in the 3rd quarter. Lazard Asset Management LLC now owns 615,154 shares of the real estate investment trust’s stock worth $162,104,000 after buying an additional 521,322 shares in the last quarter. Invesco Ltd. grew its holdings in Public Storage by 29.0% in the 3rd quarter. Invesco Ltd. now owns 1,141,415 shares of the real estate investment trust’s stock worth $300,786,000 after buying an additional 256,326 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Public Storage by 8.8% in 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 buying an additional 216,331 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the sale, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the sale, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Kristy Pipes bought 2,149 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were bought at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the acquisition, the director now owns 2,149 shares of the company’s stock, valued at $599,485.04. The disclosure for this purchase can be found here. Corporate insiders own 11.10% of the company’s stock.

Public Storage Price Performance

PSA opened at $283.80 on Tuesday. The stock has a fifty day moving average of $272.52 and a 200-day moving average of $281.75. The firm has a market capitalization of $49.87 billion, a P/E ratio of 25.78, a PEG ratio of 3.96 and a beta of 0.63. Public Storage has a 12-month low of $233.18 and a 12-month high of $312.25. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th will be issued a $3.00 dividend. The ex-dividend date is Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.23%. Public Storage’s payout ratio is currently 108.99%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Scotiabank increased their price objective on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a report on Monday, March 18th. Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target for the company in a research note on Thursday, March 28th. Barclays decreased their price target on Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a research note on Monday, May 20th. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $280.00 to $310.00 in a research note on Friday, April 5th. Finally, BMO Capital Markets raised their price objective on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 19th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and an average price target of $303.00.

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.