Chesapeake Wealth Management Buys 142 Shares of Public Storage (NYSE:PSA)

Chesapeake Wealth Management lifted its stake in Public Storage (NYSE:PSA) by 9.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,680 shares of the real estate investment trust’s stock after purchasing an additional 142 shares during the period. Chesapeake Wealth Management’s holdings in Public Storage were worth $503,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Prospera Private Wealth LLC bought a new position in shares of Public Storage in the third quarter worth about $34,000. Ashton Thomas Securities LLC bought a new position in shares of Public Storage in the third quarter worth about $38,000. Compagnie Lombard Odier SCmA purchased a new stake in Public Storage in the third quarter worth about $50,000. Harbor Capital Advisors Inc. purchased a new stake in Public Storage in the third quarter worth about $55,000. Finally, Versant Capital Management Inc lifted its stake in Public Storage by 301.7% in the fourth quarter. Versant Capital Management Inc now owns 237 shares of the real estate investment trust’s stock worth $71,000 after acquiring an additional 178 shares during the period. 78.79% of the stock is currently owned by institutional investors.

Public Storage Stock Performance

Shares of Public Storage stock opened at $296.25 on Tuesday. The firm has a market capitalization of $51.88 billion, a P/E ratio of 30.76, a PEG ratio of 4.77 and a beta of 0.74. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99. The company has a 50 day moving average price of $316.96 and a 200 day moving average price of $325.90. 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were paid a dividend of $3.00 per share. The ex-dividend date was Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.05%. Public Storage’s payout ratio is 124.61%.

Analysts Set New Price Targets

A number of research firms recently weighed in on PSA. 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 for the company in a research note on Friday, November 8th. Truist Financial upped their price objective on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. Wells Fargo & Company lowered their price objective on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Barclays lowered their price objective on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and increased their price target for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Seven investment 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’s stock. According to data from MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus price target of $344.54.

Insider Transactions at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $317.99, for a total transaction of $143,095.50. Following the sale, the insider now owns 2,364 shares of the company’s stock, valued at $751,728.36. This trade represents a 15.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 11.10% of the company’s stock.

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.