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

Apollon Wealth Management LLC increased its holdings in shares of Public Storage (NYSE:PSA) by 26.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,688 shares of the real estate investment trust’s stock after buying an additional 354 shares during the period. Apollon Wealth Management LLC’s holdings in Public Storage were worth $614,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in PSA. Bleakley Financial Group LLC increased its position in shares of Public Storage by 4.9% during the first quarter. Bleakley Financial Group LLC now owns 1,230 shares of the real estate investment trust’s stock worth $357,000 after acquiring an additional 57 shares during the period. Intech Investment Management LLC raised its position in Public Storage by 91.5% in the 1st quarter. Intech Investment Management LLC now owns 3,743 shares of the real estate investment trust’s stock valued at $1,086,000 after purchasing an additional 1,788 shares in the last quarter. 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 grew its position in shares of Public Storage by 18.5% during the first quarter. O Shaughnessy Asset Management LLC now owns 11,649 shares of the real estate investment trust’s stock worth $3,379,000 after buying an additional 1,819 shares in the last quarter. Finally, Clearbridge Investments LLC grew its position in shares of 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. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Performance

NYSE PSA opened at $335.01 on Friday. The business’s 50-day moving average price is $345.99 and its 200 day moving average price is $313.88. 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 firm 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. Public Storage has a 52-week low of $251.49 and a 52-week high of $369.99.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a $3.00 dividend. 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 payout ratio is currently 124.61%.

Analyst Ratings Changes

PSA has been the subject of a number of recent research reports. Truist Financial downgraded shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target for the company. in a research note on Thursday, August 1st. Citigroup boosted their target price on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Evercore ISI cut their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Scotiabank upped their price objective on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Finally, Morgan Stanley raised their target price on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus target price 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.