Public Storage (NYSE:PSA) Shares Bought by United Community Bank

United Community Bank increased its stake in shares of Public Storage (NYSE:PSA) by 12.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,810 shares of the real estate investment trust’s stock after buying an additional 430 shares during the quarter. United Community Bank’s holdings in Public Storage were worth $1,141,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in PSA. Harbor Capital Advisors Inc. acquired a new stake in Public Storage in the 3rd quarter valued at approximately $55,000. Robeco Institutional Asset Management B.V. grew its stake in shares of Public Storage by 8.2% in the third quarter. Robeco Institutional Asset Management B.V. now owns 10,132 shares of the real estate investment trust’s stock worth $3,687,000 after acquiring an additional 769 shares in the last quarter. M&G PLC acquired a new position in shares of Public Storage in the third quarter worth $215,000. Graypoint LLC purchased a new stake in shares of Public Storage during the 3rd quarter worth $253,000. Finally, Principal Financial Group Inc. lifted its position in shares of Public Storage by 1.9% during the 3rd quarter. Principal Financial Group Inc. now owns 214,382 shares of the real estate investment trust’s stock worth $78,007,000 after purchasing an additional 3,973 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PSA. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and boosted their price target for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Scotiabank dropped their target price on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a report on Wednesday. Wells Fargo & Company dropped their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Barclays dropped their price objective on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research report on Monday, January 13th. Finally, Royal Bank of Canada lowered their price target on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a report on Wednesday, February 26th. Seven equities research analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and an average price target of $340.23.

Insider Activity

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $317.99, for a total transaction of $143,095.50. Following the transaction, the insider now directly owns 2,364 shares in the company, valued at approximately $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 11.00% of the company’s stock.

Public Storage Trading Up 1.8 %

Shares of PSA opened at $313.99 on Friday. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock has a 50 day simple moving average of $299.31 and a 200-day simple moving average of $324.76. The stock has a market cap of $55.08 billion, a PE ratio of 32.61, a PEG ratio of 4.91 and a beta of 0.73.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be paid a $3.00 dividend. The ex-dividend date is Thursday, March 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.82%. Public Storage’s dividend payout ratio (DPR) is currently 112.89%.

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.