Naviter Wealth LLC Increases Stock Position in Public Storage (NYSE:PSA)

Naviter Wealth LLC grew its stake in shares of Public Storage (NYSE:PSA - Free Report) by 12.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 11,267 shares of the real estate investment trust's stock after buying an additional 1,253 shares during the period. Naviter Wealth LLC's holdings in Public Storage were worth $3,374,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in PSA. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Public Storage by 732.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust's stock valued at $561,763,000 after buying an additional 1,358,493 shares during the period. Adelante Capital Management LLC boosted its position in Public Storage by 389.9% during the 3rd quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust's stock worth $532,465,000 after purchasing an additional 1,164,630 shares during the period. FMR LLC boosted its position in Public Storage by 20.9% during the 3rd quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust's stock worth $1,828,763,000 after purchasing an additional 869,066 shares during the period. Daiwa Securities Group Inc. boosted its position in Public Storage by 57.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust's stock worth $405,278,000 after purchasing an additional 405,847 shares during the period. Finally, Aew Capital Management L P boosted its position in Public Storage by 108.6% during the 4th quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust's stock worth $131,574,000 after purchasing an additional 228,740 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Performance

Shares of Public Storage stock opened at $313.99 on Friday. The firm has a market cap of $55.08 billion, a PE ratio of 32.61, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. The firm's 50-day simple moving average is $299.31 and its 200-day simple moving average is $324.77. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99.

Public Storage Announces Dividend

The business 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 of this dividend is Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.82%. Public Storage's dividend payout ratio (DPR) is presently 112.89%.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 450 shares of the company's stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the sale, the insider now owns 2,364 shares in the company, 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 can be accessed through this hyperlink. Company insiders own 11.00% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on PSA shares. Royal Bank of Canada decreased their price target 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. Truist Financial upped their price target 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 price target 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. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a "sell" rating to a "hold" rating and upped their price target for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Finally, Scotiabank cut their price objective on shares of Public Storage from $338.00 to $333.00 and set a "sector perform" rating on the stock in a report on Wednesday. Seven analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $340.23.

Remove Ads

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.