Capital Investment Advisors LLC Purchases 5,793 Shares of Public Storage (NYSE:PSA)

Capital Investment Advisors LLC raised its holdings in shares of Public Storage (NYSE:PSA) by 25.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 28,608 shares of the real estate investment trust’s stock after purchasing an additional 5,793 shares during the period. Capital Investment Advisors LLC’s holdings in Public Storage were worth $8,566,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Public Storage by 732.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock valued at $561,763,000 after acquiring an additional 1,358,493 shares during the last quarter. Adelante Capital Management LLC lifted its holdings in Public Storage by 389.9% in the third quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock valued at $532,465,000 after acquiring an additional 1,164,630 shares during the last quarter. FMR LLC raised its position in Public Storage by 20.9% in the third quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock valued at $1,828,763,000 after purchasing an additional 869,066 shares during the period. Daiwa Securities Group Inc. grew its stake in shares of Public Storage by 57.3% in the third quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust’s stock worth $405,278,000 after acquiring an additional 405,847 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in shares of Public Storage by 116.7% in the 2nd quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust’s stock valued at $111,077,000 after purchasing an additional 208,546 shares during the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Trading Down 0.6 %

Shares of PSA traded down $1.78 during midday trading on Monday, hitting $287.21. The stock had a trading volume of 118,001 shares, compared to its average volume of 592,002. The business has a 50-day simple moving average of $321.09 and a two-hundred day simple moving average of $325.66. The firm has a market cap of $50.29 billion, a P/E ratio of 29.82, a price-to-earnings-growth ratio of 5.29 and a beta of 0.74. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. 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 firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date was Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on PSA shares. Evercore ISI cut their target price on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Morgan Stanley raised their target price on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Barclays reduced their price target on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research report on Monday. Wells Fargo & Company dropped their price objective on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and increased their target price for the stock from $298.00 to $299.00 in a research note on Friday. Seven investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $344.54.

Insider Activity at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of the business’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $317.99, for a total transaction of $143,095.50. Following the transaction, the insider now directly owns 2,364 shares in the company, valued at $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 11.00% of the stock is owned by company insiders.

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.