BI Asset Management Fondsmaeglerselskab A S Has $3.24 Million Holdings in Public Storage (NYSE:PSA)

BI Asset Management Fondsmaeglerselskab A S trimmed its holdings in Public Storage (NYSE:PSA) by 77.5% in the first quarter, Holdings Channel reports. The fund 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 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in Public Storage in the fourth quarter valued at about $821,151,000. Charles Schwab Investment Management Inc. grew its stake in Public Storage by 8.8% in 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 acquiring an additional 216,331 shares during the period. APG Asset Management US Inc. grew its stake in Public Storage by 4.7% in the fourth quarter. APG Asset Management US Inc. now owns 2,074,617 shares of the real estate investment trust’s stock valued at $632,758,000 after acquiring an additional 93,122 shares during the period. Morgan Stanley grew its stake in Public Storage by 0.8% in the third quarter. Morgan Stanley now owns 1,680,149 shares of the real estate investment trust’s stock valued at $442,753,000 after acquiring an additional 13,864 shares during the period. Finally, American Century Companies Inc. grew its stake in Public Storage by 6.5% in the third quarter. American Century Companies Inc. now owns 1,330,220 shares of the real estate investment trust’s stock valued at $350,540,000 after acquiring an additional 80,784 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have issued reports on PSA shares. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $280.00 to $310.00 in a research note on Friday, April 5th. Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective for the company in a research report on Thursday, March 28th. BMO Capital Markets upped their price objective on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 19th. Scotiabank upped their price objective on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research report on Monday, March 18th. Finally, Barclays reduced 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. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and a consensus target price of $303.00.

Public Storage Stock Down 0.2 %

PSA traded down $0.54 on Wednesday, hitting $288.45. 47,955 shares of the company were exchanged, compared to its average volume of 711,800. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25. The company has a market cap of $50.69 billion, a PE ratio of 26.20, a PEG ratio of 4.23 and a beta of 0.65. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.54 and a current ratio of 0.54. The stock’s fifty day moving average is $279.94 and its 200-day moving average is $282.57.

Public Storage Dividend Announcement

The firm 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. The ex-dividend date was Wednesday, June 12th. This represents a $12.00 annualized dividend and a yield of 4.16%. Public Storage’s dividend payout ratio is 108.99%.

Insider Buying and Selling at Public Storage

In other Public Storage news, Director Kristy Pipes acquired 2,149 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were purchased at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the purchase, the director now directly owns 2,149 shares of the company’s stock, valued at $599,485.04. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Public Storage news, Director Kristy Pipes acquired 2,149 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were purchased at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the purchase, the director now directly owns 2,149 shares of the company’s stock, valued at $599,485.04. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction that occurred 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 sale, the insider now owns 3,214 shares in the company, valued at approximately $881,568.06. The disclosure for this sale can be found here. Corporate insiders own 11.10% of the company’s stock.

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.