Public Storage (NYSE:PSA) Shares Sold by Linscomb Wealth Inc.

Linscomb Wealth Inc. lessened its stake in Public Storage (NYSE:PSA) by 3.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 2,211 shares of the real estate investment trust’s stock after selling 76 shares during the period. Linscomb Wealth Inc.’s holdings in Public Storage were worth $641,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Public Storage by 1.0% in the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after acquiring an additional 217,487 shares in the last quarter. Norges Bank acquired a new position in shares of Public Storage in the fourth quarter worth $821,151,000. Charles Schwab Investment Management Inc. grew its stake in shares of 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 worth $794,161,000 after acquiring an additional 216,331 shares in the last quarter. APG Asset Management US Inc. grew its stake in shares of 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 worth $632,758,000 after acquiring an additional 93,122 shares in the last quarter. Finally, Centersquare Investment Management LLC grew its stake in shares of Public Storage by 17.2% in the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after acquiring an additional 173,975 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Insider Activity at Public Storage

In related news, Director Kristy Pipes purchased 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 completion of the transaction, the director now directly owns 2,149 shares in the company, valued at $599,485.04. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction 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 transaction, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kristy Pipes acquired 2,149 shares of the company’s stock in a transaction on Tuesday, May 14th. The stock was acquired 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 owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The disclosure for this purchase can be found here. 11.00% of the stock is owned by corporate insiders.

Public Storage Stock Performance

PSA traded up $5.82 on Friday, reaching $300.74. The company had a trading volume of 368,091 shares, compared to its average volume of 634,555. Public Storage has a 1 year low of $233.18 and a 1 year high of $314.93. The stock has a market capitalization of $52.85 billion, a PE ratio of 27.32, a P/E/G ratio of 4.30 and a beta of 0.65. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. The stock has a 50-day moving average price of $286.65 and a 200-day moving average price of $282.51.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Wednesday, June 12th were given a $3.00 dividend. The ex-dividend date was Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 3.99%. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Analyst Ratings Changes

Several equities analysts have commented on PSA shares. Barclays dropped their price target on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a research note on Monday, May 20th. Wells Fargo & Company boosted their price target on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research note on Friday. Evercore ISI lifted their price objective on shares of Public Storage from $289.00 to $300.00 and gave the stock an “in-line” rating in a research report on Monday, July 15th. Finally, Scotiabank lifted their price objective on shares of Public Storage from $289.00 to $314.00 and gave the stock a “sector perform” rating in a research report on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $310.55.

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.