Inspire Advisors LLC Buys 199 Shares of Public Storage (NYSE:PSA)

Inspire Advisors LLC boosted its stake in Public Storage (NYSE:PSA) by 10.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,102 shares of the real estate investment trust’s stock after acquiring an additional 199 shares during the period. Inspire Advisors LLC’s holdings in Public Storage were worth $610,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Public Storage in the fourth quarter worth about $821,151,000. Charles Schwab Investment Management Inc. increased 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 purchasing an additional 216,331 shares in the last quarter. APG Asset Management US Inc. increased 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 purchasing an additional 93,122 shares in the last quarter. Cbre Investment Management Listed Real Assets LLC increased its stake in shares of Public Storage by 2.5% in the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,098,852 shares of the real estate investment trust’s stock worth $335,150,000 after purchasing an additional 26,742 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Public Storage by 12.8% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 879,773 shares of the real estate investment trust’s stock worth $268,331,000 after purchasing an additional 100,033 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Insider Transactions at Public Storage

In related news, Director Kristy Pipes purchased 2,149 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were purchased at an average price of $278.96 per share, with a total value of $599,485.04. Following the acquisition, the director now directly owns 2,149 shares of the company’s stock, valued at $599,485.04. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Public Storage news, Director Kristy Pipes acquired 2,149 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was bought at an average price of $278.96 per share, with a total value of $599,485.04. Following the purchase, the director now owns 2,149 shares of the company’s stock, valued at $599,485.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Nathaniel A. Vitan sold 400 shares of the company’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 completion of the sale, the insider now directly owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The disclosure for this sale can be found here. Insiders own 11.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Evercore ISI lifted their target price on shares of Public Storage from $289.00 to $300.00 and gave the stock an “in-line” rating in a research note on Monday. Scotiabank lifted their target price 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. Barclays reduced their price objective 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 raised 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 research note on Friday, April 5th. Finally, Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective for the company 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 given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $305.64.

Public Storage Price Performance

Shares of NYSE:PSA traded up $2.92 during trading on Tuesday, reaching $304.96. The company had a trading volume of 171,537 shares, compared to its average volume of 709,275. The company has a fifty day moving average of $282.53 and a two-hundred day moving average of $282.40. The stock has a market capitalization of $53.59 billion, a P/E ratio of 27.43, a price-to-earnings-growth ratio of 4.41 and a beta of 0.65. Public Storage has a 12 month low of $233.18 and a 12 month 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.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date was Wednesday, June 12th. Public Storage’s payout ratio is 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.