Public Storage (NYSE:PSA) Shares Sold by Nordea Investment Management AB

Nordea Investment Management AB lowered its position in Public Storage (NYSE:PSA - Free Report) by 36.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,230 shares of the real estate investment trust's stock after selling 6,378 shares during the quarter. Nordea Investment Management AB's holdings in Public Storage were worth $3,251,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. EverSource Wealth Advisors LLC increased its stake in shares of Public Storage by 107.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust's stock valued at $26,000 after buying an additional 44 shares during the period. Core Wealth Advisors Inc. bought a new stake in Public Storage in the fourth quarter valued at approximately $30,000. EdgeRock Capital LLC bought a new stake in Public Storage in the fourth quarter valued at approximately $32,000. Private Ocean LLC boosted its holdings in Public Storage by 5,450.0% in the fourth quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust's stock valued at $34,000 after acquiring an additional 109 shares during the last quarter. Finally, Centerpoint Advisors LLC bought a new stake in Public Storage in the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 78.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PSA shares. Barclays reduced their target price on Public Storage from $330.00 to $327.00 and set an "overweight" rating on the stock in a report on Monday, May 20th. Scotiabank upped their target price on Public Storage from $267.00 to $270.00 and gave the company a "sector perform" rating in a report on Monday, March 18th. Raymond James upgraded Public Storage from a "market perform" rating to a "strong-buy" rating and set a $330.00 target price on the stock in a report on Thursday, March 28th. BMO Capital Markets increased their price target on Public Storage from $325.00 to $330.00 and gave the stock an "outperform" rating in a report on Tuesday, March 19th. Finally, Wells Fargo & Company upgraded Public Storage from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $280.00 to $310.00 in a report on Friday, April 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $303.00.

Insider Activity at Public Storage

In related news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the sale, the insider now directly owns 3,214 shares of the company's stock, valued at approximately $881,568.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction on Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the sale, the insider now directly owns 3,214 shares in the company, valued at approximately $881,568.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kristy Pipes bought 2,149 shares of the stock in a transaction dated Tuesday, May 14th. The shares were acquired at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the purchase, the director now directly owns 2,149 shares in the company, valued at $599,485.04. The disclosure for this purchase can be found here. 11.10% of the stock is currently owned by insiders.

Public Storage Stock Up 3.2 %

Shares of PSA traded up $9.24 during trading hours on Thursday, reaching $296.64. The stock had a trading volume of 676,433 shares, compared to its average volume of 715,484. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25. The firm has a 50-day simple moving average of $280.48 and a 200 day simple moving average of $282.60. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.59. The company has a market capitalization of $52.13 billion, a price-to-earnings ratio of 26.89, a P/E/G ratio of 4.23 and a beta of 0.65.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Wednesday, June 12th were given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date was Wednesday, June 12th. Public Storage's payout ratio is currently 108.99%.

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.