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

Maltin Wealth Management Inc. decreased its stake in shares of Public Storage (NYSE:PSA) by 5.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,324 shares of the real estate investment trust’s stock after selling 181 shares during the quarter. Maltin Wealth Management Inc.’s holdings in Public Storage were worth $964,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in PSA. Norges Bank acquired a new position in Public Storage during the fourth quarter valued at $821,151,000. JPMorgan Chase & Co. grew its holdings in Public Storage by 29.9% during the third quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock worth $835,032,000 after acquiring an additional 729,262 shares during the period. Lazard Asset Management LLC grew its holdings in Public Storage by 555.6% during the third quarter. Lazard Asset Management LLC now owns 615,154 shares of the real estate investment trust’s stock worth $162,104,000 after acquiring an additional 521,322 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings 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. Finally, Clearbridge Investments LLC boosted its position 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 worth $262,614,000 after purchasing an additional 203,509 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Down 0.5 %

NYSE:PSA traded down $1.47 during trading hours on Friday, hitting $285.08. The company’s stock had a trading volume of 152,196 shares, compared to its average volume of 714,142. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. 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 capitalization of $50.10 billion, a P/E ratio of 26.03, a price-to-earnings-growth ratio of 4.03 and a beta of 0.63. The stock has a fifty day moving average of $275.12 and a 200-day moving average of $282.68.

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 paid 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 4.21%. Public Storage’s dividend payout ratio is currently 108.99%.

Wall Street Analysts Forecast Growth

PSA has been the subject of several research analyst reports. Scotiabank upped their target price on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research note on Monday, March 18th. Raymond James upgraded 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 research report on Thursday, March 28th. Barclays reduced 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 report on Monday, May 20th. Wells Fargo & Company upgraded Public Storage from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $280.00 to $310.00 in a report on Friday, April 5th. Finally, BMO Capital Markets increased their target price on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a report on Tuesday, March 19th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $303.00.

Insider Activity at Public Storage

In other news, Director Kristy Pipes bought 2,149 shares of the firm’s 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 transaction, the director now directly owns 2,149 shares in the company, valued at $599,485.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Public Storage 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 price of $278.96 per share, for a total transaction of $599,485.04. Following the transaction, the director now directly owns 2,149 shares in the company, valued at $599,485.04. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the sale, the insider now owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The disclosure for this sale can be found here. 11.00% of the stock is owned by corporate insiders.

Public Storage Company 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.