Victory Capital Management Inc. Sells 2,705 Shares of Public Storage (NYSE:PSA)

Victory Capital Management Inc. trimmed its position in Public Storage (NYSE:PSA - Free Report) by 5.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 45,415 shares of the real estate investment trust's stock after selling 2,705 shares during the quarter. Victory Capital Management Inc.'s holdings in Public Storage were worth $13,599,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quent Capital LLC increased its position in shares of Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust's stock valued at $26,000 after acquiring an additional 50 shares during the period. Prospera Private Wealth LLC bought a new stake in shares of Public Storage in the third quarter worth about $34,000. Ashton Thomas Securities LLC purchased a new position in Public Storage during the 3rd quarter valued at about $38,000. Synergy Asset Management LLC bought a new position in Public Storage during the 4th quarter valued at approximately $38,000. Finally, Toth Financial Advisory Corp raised its position in Public Storage by 48.2% during the 4th quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust's stock valued at $61,000 after purchasing an additional 66 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors.

Public Storage Stock Performance

Public Storage stock opened at $303.39 on Thursday. The stock's 50 day moving average is $299.92 and its 200 day moving average is $324.23. The company has a market capitalization of $53.22 billion, a P/E ratio of 31.50, a PEG ratio of 4.91 and a beta of 0.73. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.96%. The ex-dividend date is Thursday, March 13th. Public Storage's dividend payout ratio is presently 112.89%.

Insider Buying and Selling

In related news, insider Nathaniel A. Vitan sold 450 shares of the firm's stock in a transaction that occurred 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 owns 2,364 shares of the company's stock, valued at $751,728.36. This trade represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 11.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft raised Public Storage from a "sell" rating to a "hold" rating and boosted their target price for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Barclays restated an "overweight" rating and issued a $354.00 price objective (down from $361.00) on shares of Public Storage in a report on Wednesday. Truist Financial lifted their target price on shares of Public Storage from $306.00 to $340.00 and gave the company a "hold" rating in a research note on Thursday, December 5th. Wells Fargo & Company reduced their price target on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. Finally, Scotiabank lowered their price objective on shares of Public Storage from $338.00 to $333.00 and set a "sector perform" rating for the company in a report on Wednesday, March 5th. Seven equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $339.69.

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Public Storage 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.

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