Gold Investment Management Ltd. Trims Stake in Public Storage (NYSE:PSA)

Gold Investment Management Ltd. lessened its holdings in Public Storage (NYSE:PSA) by 2.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 2,530 shares of the real estate investment trust’s stock after selling 59 shares during the period. Gold Investment Management Ltd.’s holdings in Public Storage were worth $758,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Huntington National Bank lifted its stake in Public Storage by 5.4% during the third quarter. Huntington National Bank now owns 645 shares of the real estate investment trust’s stock worth $235,000 after purchasing an additional 33 shares in the last quarter. Chesapeake Wealth Management raised its holdings in shares of Public Storage by 2.2% in the 3rd quarter. Chesapeake Wealth Management now owns 1,538 shares of the real estate investment trust’s stock valued at $560,000 after buying an additional 33 shares during the period. Lindenwold Advisors INC lifted its stake in Public Storage by 0.8% during the 3rd quarter. Lindenwold Advisors INC now owns 4,390 shares of the real estate investment trust’s stock worth $1,597,000 after acquiring an additional 34 shares in the last quarter. Doliver Advisors LP boosted its holdings in Public Storage by 2.6% during the 4th quarter. Doliver Advisors LP now owns 1,446 shares of the real estate investment trust’s stock valued at $433,000 after acquiring an additional 36 shares during the period. Finally, Brooklyn Investment Group boosted its holdings in Public Storage by 3.4% during the 4th quarter. Brooklyn Investment Group now owns 1,152 shares of the real estate investment trust’s stock valued at $345,000 after acquiring an additional 38 shares during the period. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Price Performance

PSA stock opened at $298.29 on Monday. The business has a 50 day moving average price of $299.80 and a 200 day moving average price of $323.47. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock has a market cap of $52.33 billion, a price-to-earnings ratio of 30.98, a PEG ratio of 4.91 and a beta of 0.73. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be given a dividend of $3.00 per share. The ex-dividend date is Thursday, March 13th. This represents a $12.00 annualized dividend and a dividend yield of 4.02%. Public Storage’s dividend payout ratio is presently 112.89%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on PSA shares. Scotiabank cut their price target on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 5th. Barclays reiterated an “overweight” rating and set a $354.00 target price (down from $361.00) on shares of Public Storage in a report on Wednesday. Wells Fargo & Company dropped their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Truist Financial lifted their target price on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Finally, Royal Bank of Canada cut their price target on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. Seven investment analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $339.69.

Public Storage 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.