Naviter Wealth LLC Has $2.96 Million Stock Position in Public Storage (NYSE:PSA)

Naviter Wealth LLC lifted its position in shares of Public Storage (NYSE:PSA) by 13.4% in the first quarter, HoldingsChannel reports. The fund owned 10,206 shares of the real estate investment trust’s stock after buying an additional 1,204 shares during the period. Naviter Wealth LLC’s holdings in Public Storage were worth $2,960,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in PSA. Eagle Ridge Investment Management grew its holdings in Public Storage by 25.1% during the 1st quarter. Eagle Ridge Investment Management now owns 76,933 shares of the real estate investment trust’s stock worth $22,315,000 after acquiring an additional 15,449 shares during the period. Allspring Global Investments Holdings LLC grew its stake in shares of Public Storage by 20.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 139,074 shares of the real estate investment trust’s stock worth $40,340,000 after purchasing an additional 23,531 shares during the period. SteelPeak Wealth LLC increased its holdings in Public Storage by 15.1% in the first quarter. SteelPeak Wealth LLC now owns 10,249 shares of the real estate investment trust’s stock valued at $2,973,000 after purchasing an additional 1,343 shares during the last quarter. Founders Financial Securities LLC boosted its holdings in Public Storage by 7.6% during the first quarter. Founders Financial Securities LLC now owns 3,460 shares of the real estate investment trust’s stock worth $1,004,000 after buying an additional 245 shares during the last quarter. Finally, Guidance Capital Inc. grew its position in shares of Public Storage by 8.3% during the 1st quarter. Guidance Capital Inc. now owns 1,858 shares of the real estate investment trust’s stock worth $494,000 after buying an additional 142 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Up 0.8 %

Shares of PSA traded up $2.26 during midday trading on Tuesday, hitting $285.39. The stock had a trading volume of 626,445 shares, compared to its average volume of 725,684. The firm has a market cap of $50.15 billion, a price-to-earnings ratio of 25.88, a price-to-earnings-growth ratio of 4.02 and a beta of 0.65. The company has a 50 day simple moving average of $276.62 and a two-hundred day simple moving average of $282.80. Public Storage has a twelve month low of $233.18 and a twelve month high of $312.25. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.54.

Public Storage Announces Dividend

The company also recently announced 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 4.20%. The ex-dividend date was Wednesday, June 12th. Public Storage’s dividend payout ratio is presently 108.99%.

Insider Buying and Selling at Public Storage

In related news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the transaction, the insider now owns 3,214 shares of the company’s stock, valued at $881,568.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 3,214 shares of the company’s stock, valued at $881,568.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kristy Pipes purchased 2,149 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was bought at an average price of $278.96 per share, with a total value of $599,485.04. Following the completion of the purchase, the director now owns 2,149 shares of the company’s stock, valued at $599,485.04. The disclosure for this purchase can be found here. Company insiders own 11.10% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.