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

Apollon Wealth Management LLC raised its holdings in Public Storage (NYSE:PSA) by 26.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,688 shares of the real estate investment trust’s stock after purchasing an additional 354 shares during the quarter. Apollon Wealth Management LLC’s holdings in Public Storage were worth $614,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bleakley Financial Group LLC boosted its stake in shares of Public Storage by 4.9% in the first quarter. Bleakley Financial Group LLC now owns 1,230 shares of the real estate investment trust’s stock valued at $357,000 after buying an additional 57 shares in the last quarter. Intech Investment Management LLC grew its stake in shares of Public Storage by 91.5% during the 1st quarter. Intech Investment Management LLC now owns 3,743 shares of the real estate investment trust’s stock worth $1,086,000 after purchasing an additional 1,788 shares during the period. Trustmark National Bank Trust Department purchased a new position in shares of Public Storage in the 1st quarter valued at about $204,000. O Shaughnessy Asset Management LLC lifted its stake in shares of Public Storage by 18.5% in the first quarter. O Shaughnessy Asset Management LLC now owns 11,649 shares of the real estate investment trust’s stock valued at $3,379,000 after purchasing an additional 1,819 shares during the period. Finally, Clearbridge Investments LLC boosted its holdings in Public Storage by 0.3% during the first quarter. Clearbridge Investments LLC now owns 863,999 shares of the real estate investment trust’s stock worth $250,612,000 after buying an additional 2,971 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of NYSE:PSA opened at $335.01 on Friday. The company has a market cap of $58.66 billion, a P/E ratio of 34.79, a P/E/G ratio of 5.57 and a beta of 0.70. The business has a fifty day simple moving average of $345.99 and a 200-day simple moving average of $313.88. Public Storage has a 52 week low of $251.49 and a 52 week 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.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date is Friday, December 13th. Public Storage’s dividend payout ratio is currently 124.61%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Jefferies Financial Group lifted their price target on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Evercore ISI lowered their target price on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Citigroup lifted their price target on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Royal Bank of Canada lowered their price objective on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Finally, Bank of America cut shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price for the company. 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 data from MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and an average price target of $339.64.

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.