Public Storage (NYSE:PSA) Shares Sold by BI Asset Management Fondsmaeglerselskab A S

BI Asset Management Fondsmaeglerselskab A S cut its stake in Public Storage (NYSE:PSA) by 77.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,175 shares of the real estate investment trust’s stock after selling 38,451 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in Public Storage were worth $3,241,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in PSA. Norges Bank acquired a new position in shares of Public Storage during the fourth quarter valued at $821,151,000. Daiwa Securities Group Inc. boosted its stake in Public Storage by 86.8% during the first quarter. Daiwa Securities Group Inc. now owns 645,168 shares of the real estate investment trust’s stock valued at $187,137,000 after buying an additional 299,826 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Public Storage by 8.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,687,170 shares of the real estate investment trust’s stock valued at $794,161,000 after buying an additional 216,331 shares in the last quarter. Clearbridge Investments LLC boosted its stake in Public Storage by 31.0% during the fourth quarter. Clearbridge Investments LLC now owns 861,028 shares of the real estate investment trust’s stock valued at $262,614,000 after buying an additional 203,509 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in Public Storage by 202.4% during the fourth quarter. BNP Paribas Financial Markets now owns 190,333 shares of the real estate investment trust’s stock valued at $58,052,000 after buying an additional 127,387 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Stock Down 0.2 %

Public Storage stock traded down $0.54 during mid-day trading on Wednesday, hitting $288.45. The company’s stock had a trading volume of 47,955 shares, compared to its average volume of 711,800. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. The firm’s 50 day moving average is $279.94 and its 200 day moving average is $282.57. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.54. The company has a market cap of $50.69 billion, a PE ratio of 26.20, a price-to-earnings-growth ratio of 4.23 and a beta of 0.65.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th were paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.16%. The ex-dividend date of this dividend was Wednesday, June 12th. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Insider Transactions at Public Storage

In other news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction dated 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 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction dated 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 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kristy Pipes purchased 2,149 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were purchased at an average cost of $278.96 per share, with a total value 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. Company insiders own 11.10% of the company’s stock.

Analyst Ratings Changes

PSA has been the subject of several research reports. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $280.00 to $310.00 in a research note on Friday, April 5th. BMO Capital Markets increased their price target on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research report on Tuesday, March 19th. Scotiabank increased their price target on Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research report on Monday, March 18th. Barclays decreased their price target on Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a research report on Monday, May 20th. Finally, Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target for the company in a research report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price 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.