First Foundation Advisors Has $799,000 Stake in Public Storage (NYSE:PSA)

First Foundation Advisors raised its stake in shares of Public Storage (NYSE:PSA) by 2.4% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 2,753 shares of the real estate investment trust’s stock after purchasing an additional 64 shares during the period. First Foundation Advisors’ holdings in Public Storage were worth $799,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in PSA. Nordea Investment Management AB lifted its position in shares of Public Storage by 9.7% during the 4th quarter. Nordea Investment Management AB now owns 17,608 shares of the real estate investment trust’s stock worth $5,405,000 after buying an additional 1,557 shares in the last quarter. Naples Global Advisors LLC lifted its position in shares of Public Storage by 54.7% during the 4th quarter. Naples Global Advisors LLC now owns 1,313 shares of the real estate investment trust’s stock worth $400,000 after buying an additional 464 shares in the last quarter. Whittier Trust Co. lifted its position in shares of Public Storage by 22.9% during the 4th quarter. Whittier Trust Co. now owns 2,000 shares of the real estate investment trust’s stock worth $610,000 after buying an additional 373 shares in the last quarter. Brookstone Capital Management lifted its position in shares of Public Storage by 34.2% during the 4th quarter. Brookstone Capital Management now owns 1,182 shares of the real estate investment trust’s stock worth $361,000 after buying an additional 301 shares in the last quarter. Finally, Stableford Capital II LLC bought a new position in shares of Public Storage during the 4th quarter worth approximately $1,010,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Insider Buying and Selling at Public Storage

In other news, Director Kristy Pipes purchased 2,149 shares of Public Storage stock in a transaction dated Tuesday, May 14th. The stock was purchased at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the transaction, the director now directly owns 2,149 shares of the company’s stock, valued at $599,485.04. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Nathaniel A. Vitan sold 400 shares of the company’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 directly owns 3,214 shares in the company, valued at $881,568.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kristy Pipes bought 2,149 shares of the business’s stock in a transaction that occurred 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 transaction, the director now directly owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The disclosure for this purchase can be found here. Insiders own 11.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price on the stock in a research report on Thursday, March 28th. Evercore ISI lifted their price target on shares of Public Storage from $289.00 to $300.00 and gave the stock an “in-line” rating in a report on Monday, July 15th. Barclays lowered their price target 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. Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $280.00 to $310.00 in a report on Friday, April 5th. Finally, Scotiabank lifted their price target on shares of Public Storage from $289.00 to $314.00 and gave the stock a “sector perform” rating in a report on Friday. One research analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus price target of $309.64.

Public Storage Stock Performance

PSA stock traded down $1.97 during midday trading on Friday, reaching $301.65. 494,421 shares of the company’s stock traded hands, compared to its average volume of 676,867. The company has a 50-day moving average price of $285.08 and a two-hundred day moving average price of $282.52. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.54 and a current ratio of 0.54. Public Storage has a 52 week low of $233.18 and a 52 week high of $314.93. The firm has a market capitalization of $53.01 billion, a PE ratio of 27.40, a price-to-earnings-growth ratio of 4.39 and a beta of 0.65.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th were issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 3.98%. Public Storage’s payout ratio is 108.99%.

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.