Legacy Wealth Asset Management LLC Boosts Stock Holdings in Public Storage (NYSE:PSA)

Legacy Wealth Asset Management LLC raised its holdings in shares of Public Storage (NYSE:PSA) by 3.5% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 1,232 shares of the real estate investment trust’s stock after acquiring an additional 42 shares during the period. Legacy Wealth Asset Management LLC’s holdings in Public Storage were worth $357,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in PSA. JPMorgan Chase & Co. boosted its holdings in shares of Public Storage by 29.9% during the third quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock worth $835,032,000 after purchasing an additional 729,262 shares during the period. Norges Bank purchased a new stake in shares of Public Storage during the fourth quarter worth about $821,151,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Public Storage by 8.8% during the fourth 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 period. APG Asset Management US Inc. boosted its holdings in shares of Public Storage by 4.7% during the fourth quarter. APG Asset Management US Inc. now owns 2,074,617 shares of the real estate investment trust’s stock worth $632,758,000 after purchasing an additional 93,122 shares during the period. Finally, Morgan Stanley boosted its holdings in shares of Public Storage by 0.8% during the third quarter. Morgan Stanley now owns 1,680,149 shares of the real estate investment trust’s stock worth $442,753,000 after purchasing an additional 13,864 shares during the period. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the transaction, the insider now owns 3,214 shares of the company’s stock, valued at $881,568.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Kristy Pipes purchased 2,149 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were purchased 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 directly owns 2,149 shares in the company, valued at approximately $599,485.04. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the sale, the insider now owns 3,214 shares in the company, valued at approximately $881,568.06. The disclosure for this sale can be found here. Insiders own 11.10% of the company’s stock.

Public Storage Price Performance

Shares of NYSE PSA opened at $287.34 on Friday. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $312.25. The company has a 50 day simple moving average of $278.16 and a two-hundred day simple moving average of $282.83. The company has a market capitalization of $50.49 billion, a price-to-earnings ratio of 26.10, a P/E/G ratio of 4.18 and a beta of 0.65. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.54 and a current ratio of 0.54.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th were paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.18%. The ex-dividend date of this dividend was Wednesday, June 12th. Public Storage’s dividend payout ratio is 108.99%.

Wall Street Analyst Weigh In

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

About Public Storage

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.