Maltin Wealth Management Inc. Sells 183 Shares of Public Storage (NYSE:PSA)

Maltin Wealth Management Inc. reduced its stake in shares of Public Storage (NYSE:PSA) by 5.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,037 shares of the real estate investment trust’s stock after selling 183 shares during the quarter. Maltin Wealth Management Inc.’s holdings in Public Storage were worth $909,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Mercer Global Advisors Inc. ADV boosted its stake in Public Storage by 2.7% in the second quarter. Mercer Global Advisors Inc. ADV now owns 12,363 shares of the real estate investment trust’s stock worth $3,919,000 after purchasing an additional 325 shares in the last quarter. XTX Topco Ltd lifted its position in Public Storage by 173.3% during the 2nd quarter. XTX Topco Ltd now owns 1,905 shares of the real estate investment trust’s stock worth $548,000 after buying an additional 1,208 shares in the last quarter. Brighton Jones LLC grew its holdings in Public Storage by 35.4% during the 2nd quarter. Brighton Jones LLC now owns 2,079 shares of the real estate investment trust’s stock worth $598,000 after acquiring an additional 543 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its holdings in Public Storage by 10.1% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 8,248 shares of the real estate investment trust’s stock worth $2,372,000 after acquiring an additional 758 shares during the last quarter. Finally, AE Wealth Management LLC increased its position in Public Storage by 28.2% in the 2nd quarter. AE Wealth Management LLC now owns 3,065 shares of the real estate investment trust’s stock valued at $882,000 after acquiring an additional 675 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on PSA. Morgan Stanley increased their price target on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Truist Financial increased their price objective on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Royal Bank of Canada cut their price target on 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. Evercore ISI decreased their price target 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. Finally, Wells Fargo & Company dropped their price objective on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Seven research analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $344.54.

Insider Transactions at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of the business’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the sale, the insider now directly owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. The trade was a 15.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 11.10% of the stock is currently owned by insiders.

Public Storage Price Performance

Shares of PSA stock opened at $296.25 on Monday. 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 has a 12-month low of $256.31 and a 12-month high of $369.99. The firm has a fifty day moving average of $316.96 and a 200-day moving average of $325.63. The firm has a market capitalization of $51.88 billion, a price-to-earnings ratio of 30.76, a price-to-earnings-growth ratio of 4.65 and a beta of 0.74.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were issued a $3.00 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 4.05%. Public Storage’s dividend payout ratio (DPR) is currently 124.61%.

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.