Public Storage (NYSE:PSA) Shares Sold by Commerce Bank

Commerce Bank decreased its position in shares of Public Storage (NYSE:PSA) by 18.1% during the 1st quarter, HoldingsChannel reports. The fund owned 56,469 shares of the real estate investment trust’s stock after selling 12,460 shares during the quarter. Commerce Bank’s holdings in Public Storage were worth $16,379,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in Public Storage in the 4th quarter valued at about $821,151,000. Daiwa Securities Group Inc. raised its holdings in Public Storage by 86.8% in the 1st quarter. Daiwa Securities Group Inc. now owns 645,168 shares of the real estate investment trust’s stock valued at $187,137,000 after buying an additional 299,826 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in 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 buying an additional 216,331 shares during the period. Clearbridge Investments LLC raised its holdings in Public Storage by 31.0% in the 4th quarter. Clearbridge Investments LLC now owns 861,028 shares of the real estate investment trust’s stock valued at $262,614,000 after buying an additional 203,509 shares during the period. Finally, BNP Paribas Financial Markets raised its holdings in Public Storage by 202.4% in the 4th quarter. BNP Paribas Financial Markets now owns 190,333 shares of the real estate investment trust’s stock valued at $58,052,000 after buying an additional 127,387 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Down 0.4 %

Shares of PSA stock traded down $1.07 during trading hours on Wednesday, reaching $287.92. 87,621 shares of the stock were exchanged, compared to its average volume of 712,102. The business’s fifty day moving average is $279.94 and its two-hundred day moving average is $282.57. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.54. Public Storage has a 12-month low of $233.18 and a 12-month high of $312.25. The firm has a market capitalization of $50.60 billion, a P/E ratio of 26.20, a P/E/G ratio of 4.23 and a beta of 0.65.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Wednesday, June 12th were paid a dividend of $3.00 per share. The ex-dividend date of this dividend was Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.17%. Public Storage’s payout ratio is 108.99%.

Analyst Ratings Changes

Several analysts recently issued reports on PSA shares. Wells Fargo & Company upgraded 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 report on Friday, April 5th. BMO Capital Markets boosted their price target on shares of Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 19th. Barclays cut their price target on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research note on Monday, May 20th. Scotiabank boosted their price target on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research note on Monday, March 18th. Finally, Raymond James upgraded shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target on the stock in a research note 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $303.00.

Insider Buying and Selling

In related news, 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 transaction of $109,716.00. Following the sale, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Public Storage news, Director Kristy Pipes purchased 2,149 shares of the 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 completion of the acquisition, the director now directly owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 transaction, the insider now directly owns 3,214 shares of the company’s stock, valued at $881,568.06. The disclosure for this sale can be found here. 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.