West Coast Financial LLC Has $8.88 Million Holdings in Public Storage (NYSE:PSA)

West Coast Financial LLC reduced its position in Public Storage (NYSE:PSA - Free Report) by 31.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 29,665 shares of the real estate investment trust's stock after selling 13,351 shares during the period. West Coast Financial LLC's holdings in Public Storage were worth $8,883,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in PSA. Oppenheimer Asset Management Inc. lifted its holdings in Public Storage by 0.9% in the second quarter. Oppenheimer Asset Management Inc. now owns 5,578 shares of the real estate investment trust's stock worth $1,605,000 after buying an additional 48 shares during the period. Envestnet Asset Management Inc. raised its stake in Public Storage by 8.9% during the 2nd quarter. Envestnet Asset Management Inc. now owns 160,997 shares of the real estate investment trust's stock valued at $46,311,000 after purchasing an additional 13,142 shares during the period. J.W. Cole Advisors Inc. boosted its holdings in shares of Public Storage by 3.4% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 1,956 shares of the real estate investment trust's stock valued at $563,000 after purchasing an additional 65 shares during the last quarter. One Capital Management LLC purchased a new stake in shares of Public Storage during the 2nd quarter valued at about $895,000. Finally, Renaissance Technologies LLC boosted its stake in shares of Public Storage by 41.8% during the 2nd quarter. Renaissance Technologies LLC now owns 134,300 shares of the real estate investment trust's stock worth $38,631,000 after purchasing an additional 39,566 shares during the period. Hedge funds and other institutional investors own 78.79% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PSA. Evercore ISI dropped their target price on Public Storage from $343.00 to $338.00 and set an "in-line" rating on the stock in a research report on Monday, October 14th. Morgan Stanley upped their price target on Public Storage from $293.00 to $315.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 2nd. Jefferies Financial Group boosted their price target on Public Storage from $360.00 to $422.00 and gave the stock a "buy" rating in a research report on Wednesday, September 18th. Wells Fargo & Company reduced their price target on Public Storage from $375.00 to $365.00 and set an "overweight" rating on the stock in a report on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a "sell" rating to a "hold" rating and lifted their price target for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Seven investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Public Storage has a consensus rating of "Moderate Buy" and an average price target of $344.54.

Insider Transactions at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $317.99, for a total transaction of $143,095.50. Following the transaction, the insider now owns 2,364 shares in the company, valued at approximately $751,728.36. This trade represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 11.10% of the stock is currently owned by insiders.

Public Storage Price Performance

PSA traded up $7.30 during midday trading on Thursday, reaching $297.79. 388,588 shares of the company's stock were exchanged, compared to its average volume of 689,069. The firm has a market capitalization of $52.15 billion, a price-to-earnings ratio of 30.92, a price-to-earnings-growth ratio of 4.65 and a beta of 0.74. 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 business has a 50-day simple moving average of $318.53 and a two-hundred day simple moving average of $325.45. Public Storage has a one year low of $256.31 and a one year high of $369.99.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.03%. The ex-dividend date was Friday, December 13th. Public Storage's payout ratio is 124.61%.

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.