Sagespring Wealth Partners LLC Purchases New Stake in Public Storage (NYSE:PSA)

Sagespring Wealth Partners LLC purchased a new stake in Public Storage (NYSE:PSA) in the fourth quarter, according to its most recent filing with the SEC. The fund purchased 906 shares of the real estate investment trust’s stock, valued at approximately $271,000.

A number of other institutional investors and hedge funds also recently modified their holdings of PSA. Geode Capital Management LLC boosted its position in Public Storage by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust’s stock valued at $1,197,769,000 after purchasing an additional 78,472 shares during the period. Norges Bank acquired a new position in Public Storage during the fourth quarter worth about $931,286,000. Invesco Ltd. raised its holdings in shares of Public Storage by 2.6% in the 4th quarter. Invesco Ltd. now owns 1,099,249 shares of the real estate investment trust’s stock worth $329,159,000 after purchasing an additional 27,693 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Public Storage by 2.0% in the fourth quarter. Bank of New York Mellon Corp now owns 1,097,640 shares of the real estate investment trust’s stock valued at $328,677,000 after buying an additional 21,165 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of Public Storage by 25.5% during the fourth quarter. Russell Investments Group Ltd. now owns 999,426 shares of the real estate investment trust’s stock worth $299,006,000 after purchasing an additional 202,944 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Trading Up 0.1 %

PSA opened at $289.25 on Thursday. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The firm has a 50-day moving average price of $296.27 and a two-hundred day moving average price of $312.80. The stock has a market capitalization of $50.74 billion, a PE ratio of 30.04, a PEG ratio of 4.91 and a beta of 0.76.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.15%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is presently 112.89%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Mizuho initiated coverage on shares of Public Storage in a research note on Wednesday, April 9th. They issued a “neutral” rating and a $287.00 price objective for the company. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and increased their price objective for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Truist Financial raised Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price target for the company in a research report on Thursday, April 10th. Barclays reiterated an “overweight” rating and issued a $354.00 target price (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Finally, Wells Fargo & Company reduced their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Six investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $332.08.

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.