Perpetual Ltd Increases Stake in Public Storage (NYSE:PSA)

Perpetual Ltd grew its position in Public Storage (NYSE:PSA) by 4.2% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 99,473 shares of the real estate investment trust’s stock after buying an additional 4,015 shares during the period. Perpetual Ltd owned approximately 0.06% of Public Storage worth $29,786,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PSA. XTX Topco Ltd boosted its position in shares of Public Storage by 173.3% during the second quarter. XTX Topco Ltd now owns 1,905 shares of the real estate investment trust’s stock valued at $548,000 after buying an additional 1,208 shares during the last quarter. AE Wealth Management LLC boosted its holdings in shares of Public Storage by 28.2% during the 2nd quarter. AE Wealth Management LLC now owns 3,065 shares of the real estate investment trust’s stock valued at $882,000 after acquiring an additional 675 shares during the last quarter. Summit Trail Advisors LLC boosted its holdings in shares of Public Storage by 20.7% during the 2nd quarter. Summit Trail Advisors LLC now owns 1,343 shares of the real estate investment trust’s stock valued at $386,000 after acquiring an additional 230 shares during the last quarter. Profund Advisors LLC raised its holdings in shares of Public Storage by 2.7% during the second quarter. Profund Advisors LLC now owns 2,517 shares of the real estate investment trust’s stock valued at $724,000 after purchasing an additional 66 shares during the last quarter. Finally, ProShare Advisors LLC lifted its position in Public Storage by 5.6% during the second quarter. ProShare Advisors LLC now owns 33,091 shares of the real estate investment trust’s stock valued at $9,519,000 after purchasing an additional 1,762 shares during the period. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

Public Storage stock opened at $296.25 on Tuesday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market capitalization of $51.88 billion, a PE ratio of 30.76, a P/E/G ratio of 4.77 and a beta of 0.74. The company has a 50 day moving average price of $316.96 and a 200-day moving average price of $325.90. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date was Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

Wall Street Analysts Forecast Growth

PSA has been the subject of a number of research analyst reports. Truist Financial lifted their target price on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Wells Fargo & Company cut their price objective on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Evercore ISI lowered their target price on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Royal Bank of Canada cut their price target on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and increased their price objective for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Seven equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $344.54.

Insiders Place Their Bets

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $317.99, for a total transaction of $143,095.50. Following the transaction, the insider now owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. This trade represents a 15.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 11.10% of the company’s stock.

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.