1834 Investment Advisors Co. Sells 1,285 Shares of Public Storage (NYSE:PSA)

1834 Investment Advisors Co. reduced its stake in Public Storage (NYSE:PSA) by 8.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,403 shares of the real estate investment trust’s stock after selling 1,285 shares during the period. 1834 Investment Advisors Co.’s holdings in Public Storage were worth $4,013,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of PSA. Jamison Private Wealth Management Inc. raised its holdings in Public Storage by 85.9% in the 4th quarter. Jamison Private Wealth Management Inc. now owns 1,930 shares of the real estate investment trust’s stock valued at $578,000 after acquiring an additional 892 shares during the period. Toth Financial Advisory Corp increased its stake in shares of Public Storage by 48.2% during the fourth quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock worth $61,000 after purchasing an additional 66 shares during the period. Dynamic Advisor Solutions LLC lifted its holdings in Public Storage by 97.5% during the 4th quarter. Dynamic Advisor Solutions LLC now owns 8,349 shares of the real estate investment trust’s stock worth $2,500,000 after purchasing an additional 4,122 shares during the last quarter. CX Institutional boosted its position in shares of Public Storage by 60.3% in the fourth quarter. CX Institutional now owns 1,266 shares of the real estate investment trust’s stock valued at $379,000 after acquiring an additional 476 shares during the period. Finally, Montecito Bank & Trust grew its stake in shares of Public Storage by 8.5% in the fourth quarter. Montecito Bank & Trust now owns 3,416 shares of the real estate investment trust’s stock valued at $1,023,000 after acquiring an additional 268 shares in the last quarter. 78.79% of the stock is owned by institutional investors.

Public Storage Price Performance

PSA stock opened at $292.04 on Friday. The stock has a market cap of $51.14 billion, a price-to-earnings ratio of 30.33, a P/E/G ratio of 4.68 and a beta of 0.74. 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 company has a 50 day simple moving average of $312.93 and a 200 day simple moving average of $325.54. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date was Friday, December 13th. Public Storage’s payout ratio is 124.61%.

Insider Activity at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the completion of the transaction, the insider now owns 2,364 shares in the company, valued at $751,728.36. This trade represents a 15.99 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 11.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Evercore ISI cut their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Wells Fargo & Company cut their price target on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Truist Financial lifted their price objective on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Barclays cut their target price on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research report on Monday, January 13th. Finally, Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and raised their price target for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Seven research analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Public Storage currently has an average rating of “Moderate Buy” and a consensus target price of $344.54.

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.