Public Storage (NYSE:PSA) Stock Position Lifted by US Bancorp DE

US Bancorp DE boosted its stake in shares of Public Storage (NYSE:PSA) by 0.2% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 49,176 shares of the real estate investment trust’s stock after purchasing an additional 96 shares during the period. US Bancorp DE’s holdings in Public Storage were worth $14,725,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PSA. Farther Finance Advisors LLC grew its position in Public Storage by 6.8% during the third quarter. Farther Finance Advisors LLC now owns 2,062 shares of the real estate investment trust’s stock valued at $750,000 after purchasing an additional 132 shares in the last quarter. Chicago Partners Investment Group LLC grew its position in Public Storage by 26.5% during the third quarter. Chicago Partners Investment Group LLC now owns 865 shares of the real estate investment trust’s stock valued at $294,000 after purchasing an additional 181 shares in the last quarter. Pure Financial Advisors LLC grew its position in Public Storage by 4.8% during the third quarter. Pure Financial Advisors LLC now owns 1,170 shares of the real estate investment trust’s stock valued at $426,000 after purchasing an additional 54 shares in the last quarter. Janney Montgomery Scott LLC grew its position in Public Storage by 0.7% during the third quarter. Janney Montgomery Scott LLC now owns 33,756 shares of the real estate investment trust’s stock valued at $12,283,000 after purchasing an additional 245 shares in the last quarter. Finally, Harbor Capital Advisors Inc. purchased a new position in Public Storage during the third quarter valued at approximately $55,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PSA has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and boosted their target price for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Truist Financial boosted their target price on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Barclays decreased their target price on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research report on Monday, January 13th. Wells Fargo & Company decreased their target price on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Finally, Royal Bank of Canada decreased their target price on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 26th. Seven investment analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $340.69.

Insider Activity at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now directly owns 2,364 shares in the company, valued at $751,728.36. This represents a 15.99 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 11.00% of the company’s stock.

Public Storage Price Performance

Shares of Public Storage stock opened at $310.86 on Tuesday. The stock has a market capitalization of $54.53 billion, a price-to-earnings ratio of 32.28, a PEG ratio of 4.91 and a beta of 0.74. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. The firm has a fifty day simple moving average of $298.53 and a 200-day simple moving average of $325.14. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.86%. The ex-dividend date is Thursday, March 13th. Public Storage’s payout ratio is currently 112.89%.

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.