BBR Partners LLC Purchases New Shares in Public Storage (NYSE:PSA)

BBR Partners LLC bought a new position in shares of Public Storage (NYSE:PSA - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 1,346 shares of the real estate investment trust's stock, valued at approximately $403,000.

Several other hedge funds also recently made changes to their positions in PSA. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Public Storage by 5.0% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust's stock worth $16,089,000 after purchasing an additional 2,566 shares during the last quarter. Larson Financial Group LLC raised its holdings in shares of Public Storage by 3,714.6% during the third quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust's stock worth $666,000 after purchasing an additional 1,783 shares during the period. Capital Investment Advisors LLC lifted its position in shares of Public Storage by 25.4% in the 4th quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust's stock worth $8,566,000 after buying an additional 5,793 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in shares of Public Storage by 114.2% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust's stock valued at $33,302,000 after buying an additional 48,803 shares during the period. Finally, Swedbank AB grew its position in shares of Public Storage by 31.9% during the 3rd quarter. Swedbank AB now owns 154,167 shares of the real estate investment trust's stock valued at $56,097,000 after buying an additional 37,285 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

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Insider Activity at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the company's stock in a transaction on Friday, December 13th. The stock was sold at an average price of $317.99, for a total value of $143,095.50. Following the completion of the sale, the insider now owns 2,364 shares in the company, valued at $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 is available through this link. Company insiders own 11.00% of the company's stock.

Public Storage Price Performance

PSA stock traded down $5.39 during trading on Tuesday, hitting $308.21. The company had a trading volume of 1,057,681 shares, compared to its average volume of 723,252. The firm has a market capitalization of $54.06 billion, a price-to-earnings ratio of 32.00, a P/E/G ratio of 4.91 and a beta of 0.73. 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 business has a 50 day moving average of $299.67 and a 200 day moving average of $324.60. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.89%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage's dividend payout ratio (DPR) is presently 112.89%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Wells Fargo & Company cut their target price on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. Royal Bank of Canada cut their price target on Public Storage from $342.00 to $329.00 and set a "sector perform" rating on the stock in a report on Wednesday, February 26th. Barclays reduced 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. Scotiabank dropped their target price on Public Storage from $338.00 to $333.00 and set a "sector perform" rating on the stock in a research report on Wednesday, March 5th. Finally, 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 report on Friday, January 10th. Seven equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $340.23.

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.