International Assets Investment Management LLC purchased a new stake in shares of Public Storage (NYSE:PSA - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 26,213 shares of the real estate investment trust's stock, valued at approximately $7,849,000.
A number of other institutional investors and hedge funds also recently modified their holdings of PSA. Prospera Private Wealth LLC bought a new position in Public Storage during the third quarter valued at $34,000. Ashton Thomas Securities LLC bought a new position in shares of Public Storage during the 3rd quarter worth $38,000. Compagnie Lombard Odier SCmA purchased a new stake in Public Storage in the 3rd quarter worth about $50,000. Harbor Capital Advisors Inc. bought a new stake in Public Storage in the 3rd quarter valued at about $55,000. Finally, Deseret Mutual Benefit Administrators lifted its holdings in Public Storage by 39.2% during the third quarter. Deseret Mutual Benefit Administrators now owns 206 shares of the real estate investment trust's stock valued at $75,000 after purchasing an additional 58 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.
Public Storage Price Performance
NYSE:PSA traded down $2.90 during midday trading on Wednesday, hitting $295.30. The company had a trading volume of 584,866 shares, compared to its average volume of 633,713. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock's fifty day moving average price is $323.26 and its 200-day moving average price is $325.59. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The company has a market capitalization of $51.71 billion, a PE ratio of 30.66, a P/E/G ratio of 5.29 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. Investors of record on Friday, December 13th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.06%. The ex-dividend date was Friday, December 13th. Public Storage's dividend payout ratio is currently 124.61%.
Analyst Ratings Changes
Several research firms have recently issued reports on PSA. Royal Bank of Canada lowered their price target on shares of Public Storage from $358.00 to $344.00 and set a "sector perform" rating on the stock in a research report on Friday, November 8th. Morgan Stanley increased their target price on Public Storage from $293.00 to $315.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 2nd. Wells Fargo & Company decreased their price objective on Public Storage from $375.00 to $365.00 and set an "overweight" rating on the stock in a research note on Tuesday, November 5th. Truist Financial raised their target price on Public Storage from $306.00 to $340.00 and gave the stock a "hold" rating in a research note on Thursday, December 5th. Finally, Jefferies Financial Group upped their price target on Public Storage from $360.00 to $422.00 and gave the company a "buy" rating in a research report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Public Storage currently has an average rating of "Moderate Buy" and a consensus target price of $342.07.
Get Our Latest Research Report on Public Storage
Insider Buying and Selling
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 sale, 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 filing with the SEC, which is available through this link. 11.00% of the stock is owned by corporate insiders.
About Public Storage
(
Free Report)
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.
Further Reading
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