Public Storage (NYSE:PSA) Shares Bought by Naviter Wealth LLC

Naviter Wealth LLC increased its stake in Public Storage (NYSE:PSA) by 13.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,206 shares of the real estate investment trust’s stock after buying an additional 1,204 shares during the quarter. Naviter Wealth LLC’s holdings in Public Storage were worth $2,960,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. JPMorgan Chase & Co. boosted its position in Public Storage by 29.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock valued at $835,032,000 after buying an additional 729,262 shares during the last quarter. Norges Bank purchased a new stake in Public Storage during the 4th quarter worth approximately $821,151,000. Charles Schwab Investment Management Inc. raised its position in shares of Public Storage by 8.8% in the 4th 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 purchasing an additional 216,331 shares in the last quarter. APG Asset Management US Inc. raised its position in shares of Public Storage by 4.7% in the 4th 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 purchasing an additional 93,122 shares in the last quarter. Finally, Morgan Stanley boosted its stake in shares of Public Storage by 0.8% during the 3rd quarter. Morgan Stanley now owns 1,680,149 shares of the real estate investment trust’s stock valued at $442,753,000 after buying an additional 13,864 shares during the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Kristy Pipes acquired 2,149 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The stock was purchased at an average price of $278.96 per share, with a total value of $599,485.04. Following the purchase, the director now owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Public Storage news, Director Kristy Pipes acquired 2,149 shares of Public Storage stock in a transaction that occurred on Tuesday, May 14th. The stock was purchased at an average cost of $278.96 per share, with a total value of $599,485.04. Following the purchase, the director now owns 2,149 shares in the company, valued at $599,485.04. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $274.29, for a total value of $109,716.00. Following the transaction, the insider now directly 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 Price Performance

PSA stock traded up $2.26 on Tuesday, hitting $285.39. 626,445 shares of the company’s stock traded hands, compared to its average volume of 725,684. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.59. The stock has a market cap of $50.15 billion, a price-to-earnings ratio of 25.88, a P/E/G ratio of 4.02 and a beta of 0.65. Public Storage has a 1-year low of $233.18 and a 1-year high of $312.25. The stock has a fifty day moving average of $276.62 and a 200-day moving average of $282.80.

Public Storage Dividend Announcement

The business also recently disclosed 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 was Wednesday, June 12th. This represents a $12.00 annualized dividend and a yield of 4.20%. Public Storage’s payout ratio is presently 108.99%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on PSA shares. Barclays lowered their price objective on Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a report on Monday, May 20th. Scotiabank lifted their price objective on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a report on Monday, March 18th. BMO Capital Markets increased their target price on shares of Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a report on Tuesday, March 19th. Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $280.00 to $310.00 in a research report on Friday, April 5th. Finally, 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 report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and a consensus price target of $303.00.

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.