M.E. Allison & CO. Inc. Makes New Investment in Public Storage (NYSE:PSA)

M.E. Allison & CO. Inc. purchased a new stake in Public Storage (NYSE:PSA) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 749 shares of the real estate investment trust’s stock, valued at approximately $224,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Allspring Global Investments Holdings LLC grew its position in Public Storage by 1.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock valued at $51,762,000 after purchasing an additional 2,605 shares in the last quarter. Capital Investment Advisors LLC increased its position in shares of Public Storage by 25.4% in the fourth quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust’s stock valued at $8,566,000 after acquiring an additional 5,793 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in Public Storage by 114.2% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust’s stock worth $33,302,000 after acquiring an additional 48,803 shares in the last quarter. Larson Financial Group LLC raised its holdings in Public Storage by 3,714.6% during the third quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust’s stock worth $666,000 after acquiring an additional 1,783 shares in the last quarter. Finally, Handelsbanken Fonder AB boosted its position in Public Storage by 4.1% during the third quarter. Handelsbanken Fonder AB now owns 72,741 shares of the real estate investment trust’s stock valued at $26,468,000 after purchasing an additional 2,832 shares during the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PSA shares. Evercore ISI dropped their price objective on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Morgan Stanley upped their price target on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Royal Bank of Canada decreased their price objective on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and upped their target price for the company from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Truist Financial lifted their price target on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Seven equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and a consensus price target of $344.54.

Insiders Place Their Bets

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the 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 transaction, the insider now owns 2,364 shares in the company, valued at $751,728.36. This represents a 15.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 11.10% of the company’s stock.

Public Storage Stock Performance

Shares of NYSE PSA opened at $296.25 on Tuesday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market cap of $51.88 billion, a price-to-earnings ratio of 30.76, a P/E/G ratio of 4.65 and a beta of 0.74. The stock’s fifty day moving average price is $316.96 and its two-hundred day moving average price is $325.90. Public Storage has a one year low of $256.31 and a one year high of $369.99.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date was Friday, December 13th. Public Storage’s dividend 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.