Avanza Fonder AB Invests $3.82 Million in Public Storage (NYSE:PSA)

Avanza Fonder AB purchased a new stake in shares of Public Storage (NYSE:PSA - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 12,742 shares of the real estate investment trust's stock, valued at approximately $3,815,000.

Other large investors have also recently bought and sold shares of the company. State Street Corp grew its holdings in Public Storage by 0.5% in the third quarter. State Street Corp now owns 10,370,658 shares of the real estate investment trust's stock worth $3,773,571,000 after purchasing an additional 55,123 shares during the period. FMR LLC grew its stake in shares of Public Storage by 20.9% in the 3rd quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust's stock valued at $1,828,763,000 after buying an additional 869,066 shares during the period. Geode Capital Management LLC increased its position in Public Storage by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,931,572 shares of the real estate investment trust's stock valued at $1,425,941,000 after buying an additional 52,807 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Public Storage by 2.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,813,136 shares of the real estate investment trust's stock valued at $1,023,080,000 after buying an additional 54,992 shares in the last quarter. Finally, APG Asset Management US Inc. raised its stake in Public Storage by 4.8% during the 2nd quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust's stock worth $623,485,000 after buying an additional 100,000 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on PSA shares. Truist Financial raised their price objective on Public Storage from $306.00 to $340.00 and gave the company a "hold" rating in a research note on Thursday, December 5th. Royal Bank of Canada decreased their price target 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. Wells Fargo & Company dropped their price objective on shares of Public Storage from $375.00 to $365.00 and set an "overweight" rating on the stock in a research note on Tuesday, November 5th. Morgan Stanley lifted their price objective on shares of Public Storage from $293.00 to $315.00 and gave the company an "equal weight" rating in a report on Wednesday, October 2nd. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a "sell" rating to a "hold" rating and upped their target price for the stock from $298.00 to $299.00 in a 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 stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $344.54.

Public Storage Stock Performance

NYSE PSA traded down $1.45 on Friday, hitting $296.25. 587,329 shares of the stock traded hands, compared to its average volume of 651,906. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The business's fifty day moving average is $316.96 and its two-hundred day moving average is $325.35. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The firm has a market capitalization of $51.88 billion, a price-to-earnings ratio of 30.76, a PEG ratio of 4.65 and a beta of 0.74.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were paid a $3.00 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 4.05%. Public Storage's payout ratio is 124.61%.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 450 shares of the 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 sale, the insider now owns 2,364 shares of the company's stock, valued at approximately $751,728.36. This represents a 15.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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.