Montecito Bank & Trust Acquires 268 Shares of Public Storage (NYSE:PSA)

Montecito Bank & Trust increased its stake in Public Storage (NYSE:PSA) by 8.5% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,416 shares of the real estate investment trust’s stock after acquiring an additional 268 shares during the quarter. Montecito Bank & Trust’s holdings in Public Storage were worth $1,023,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. IVC Wealth Advisors LLC raised its holdings in shares of Public Storage by 6.7% during the fourth quarter. IVC Wealth Advisors LLC now owns 1,559 shares of the real estate investment trust’s stock valued at $467,000 after purchasing an additional 98 shares during the period. Asset Planning Services Inc. LA ADV increased its position in Public Storage by 3.2% in the 4th quarter. Asset Planning Services Inc. LA ADV now owns 18,988 shares of the real estate investment trust’s stock valued at $5,686,000 after buying an additional 590 shares in the last quarter. SG Americas Securities LLC raised its stake in Public Storage by 160.3% during the 4th quarter. SG Americas Securities LLC now owns 3,998 shares of the real estate investment trust’s stock worth $1,197,000 after buying an additional 10,623 shares during the period. Investment Advisory Group LLC boosted its holdings in Public Storage by 8.5% in the fourth quarter. Investment Advisory Group LLC now owns 929 shares of the real estate investment trust’s stock worth $278,000 after acquiring an additional 73 shares in the last quarter. Finally, Advisory Alpha LLC grew its stake in Public Storage by 12.0% in the fourth quarter. Advisory Alpha LLC now owns 1,679 shares of the real estate investment trust’s stock valued at $503,000 after acquiring an additional 180 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Performance

NYSE PSA opened at $291.23 on Friday. The company’s 50 day moving average is $314.60 and its 200-day moving average is $325.77. The firm has a market cap of $51.00 billion, a P/E ratio of 30.24, a price-to-earnings-growth ratio of 4.68 and a beta of 0.74. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. 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 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were given a dividend of $3.00 per share. The ex-dividend date was Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 4.12%. Public Storage’s dividend payout ratio is currently 124.61%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Morgan Stanley boosted their target price on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Royal Bank of Canada lowered their price target on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Evercore ISI reduced their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Truist Financial raised their price target on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Finally, Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and boosted their price objective for the stock 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 issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $344.54.

Insider Transactions at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the stock in a transaction dated 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. This represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 11.00% of the company’s stock.

About Public Storage

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.