Public Storage (NYSE:PSA) Shares Sold by 1832 Asset Management L.P.

1832 Asset Management L.P. reduced its position in Public Storage (NYSE:PSA) by 3.7% in the 1st quarter, Holdings Channel reports. The firm owned 70,694 shares of the real estate investment trust’s stock after selling 2,680 shares during the quarter. 1832 Asset Management L.P.’s holdings in Public Storage were worth $20,506,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PSA. EverSource Wealth Advisors LLC grew its holdings in Public Storage by 107.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 44 shares in the last quarter. Core Wealth Advisors Inc. purchased a new stake in Public Storage in the 4th quarter valued at $30,000. Private Ocean LLC grew its holdings in shares of Public Storage by 5,450.0% during the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 109 shares during the period. EdgeRock Capital LLC acquired a new stake in shares of Public Storage during the 4th quarter worth about $32,000. Finally, Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Public Storage during the 4th quarter worth about $35,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on PSA. Wells Fargo & Company boosted their price objective on shares of Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a report on Friday. Barclays lowered their price objective 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. Scotiabank boosted their price objective on Public Storage from $289.00 to $314.00 and gave the stock a “sector perform” rating in a research report on Friday, July 19th. Finally, Evercore ISI boosted their price objective on Public Storage from $289.00 to $300.00 and gave the stock an “in-line” rating in a research report on Monday, July 15th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and a consensus price target of $310.55.

Public Storage Stock Performance

NYSE PSA traded up $5.82 on Friday, reaching $300.74. The stock had a trading volume of 368,091 shares, compared to its average volume of 634,555. 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 12-month low of $233.18 and a 12-month high of $314.93. The business’s 50-day moving average price is $286.65 and its 200 day moving average price is $282.51. The stock has a market cap of $52.85 billion, a P/E ratio of 27.32, a price-to-earnings-growth ratio of 4.38 and a beta of 0.65.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date was Wednesday, June 12th. Public Storage’s dividend payout ratio is currently 108.99%.

Insider Buying and Selling at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the sale, the insider now owns 3,214 shares in the company, valued at $881,568.06. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction on Monday, June 10th. The stock was 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 in the company, valued at $881,568.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kristy Pipes acquired 2,149 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was purchased at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the acquisition, the director now owns 2,149 shares in the company, valued at $599,485.04. The disclosure for this purchase can be found here. 11.00% of the stock is owned by company insiders.

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.