Founders Financial Securities LLC Boosts Stake in Public Storage (NYSE:PSA)

Founders Financial Securities LLC increased its holdings in Public Storage (NYSE:PSA) by 7.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,460 shares of the real estate investment trust’s stock after acquiring an additional 245 shares during the period. Founders Financial Securities LLC’s holdings in Public Storage were worth $1,004,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Guidance Capital Inc. grew its position in shares of Public Storage by 8.3% during the 1st quarter. Guidance Capital Inc. now owns 1,858 shares of the real estate investment trust’s stock valued at $494,000 after acquiring an additional 142 shares during the period. Atticus Wealth Management LLC grew its holdings in Public Storage by 6,100.0% during the first quarter. Atticus Wealth Management LLC now owns 372 shares of the real estate investment trust’s stock valued at $108,000 after purchasing an additional 366 shares during the period. Vicus Capital purchased a new stake in Public Storage in the first quarter worth $238,000. WD Rutherford LLC raised its stake in shares of Public Storage by 202.2% in the first quarter. WD Rutherford LLC now owns 4,717 shares of the real estate investment trust’s stock valued at $1,368,000 after buying an additional 3,156 shares during the period. Finally, Sawyer & Company Inc lifted its position in shares of Public Storage by 6.3% during the 1st quarter. Sawyer & Company Inc now owns 5,484 shares of the real estate investment trust’s stock valued at $1,591,000 after buying an additional 324 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction 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 owns 3,214 shares in the company, valued at approximately $881,568.06. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Public Storage news, Director Kristy Pipes purchased 2,149 shares of Public Storage stock in a transaction on Tuesday, May 14th. The shares were acquired at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the transaction, the director now directly owns 2,149 shares of the company’s stock, valued at $599,485.04. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction that occurred 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 transaction, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The disclosure for this sale can be found here. Corporate insiders own 11.00% of the company’s stock.

Public Storage Price Performance

NYSE PSA traded up $1.10 during trading on Friday, reaching $287.65. The company’s stock had a trading volume of 1,790,167 shares, compared to its average volume of 741,451. The stock has a market capitalization of $50.55 billion, a PE ratio of 26.13, a P/E/G ratio of 4.00 and a beta of 0.63. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.54. The firm has a fifty day moving average of $276.19 and a 200 day moving average of $282.85. Public Storage has a one year low of $233.18 and a one year high of $312.25.

Public Storage Dividend Announcement

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

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.