Public Storage (NYSE:PSA) Shares Bought by DNB Asset Management AS

DNB Asset Management AS boosted its position in shares of Public Storage (NYSE:PSA) by 6.5% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 27,023 shares of the real estate investment trust’s stock after acquiring an additional 1,640 shares during the period. DNB Asset Management AS’s holdings in Public Storage were worth $7,773,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Gryphon Financial Partners LLC lifted its holdings in Public Storage by 2.5% during the fourth quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock valued at $476,000 after purchasing an additional 38 shares in the last quarter. Signet Financial Management LLC lifted its holdings in Public Storage by 2.1% during the first quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust’s stock valued at $555,000 after purchasing an additional 39 shares in the last quarter. Brookstone Capital Management lifted its holdings in Public Storage by 3.4% during the first quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock valued at $354,000 after purchasing an additional 40 shares in the last quarter. Legacy Wealth Asset Management LLC lifted its holdings in Public Storage by 3.5% during the first quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust’s stock valued at $357,000 after purchasing an additional 42 shares in the last quarter. Finally, Bangor Savings Bank lifted its holdings in Public Storage by 0.8% during the first quarter. Bangor Savings Bank now owns 5,359 shares of the real estate investment trust’s stock valued at $1,554,000 after purchasing an additional 43 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Truist Financial downgraded shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a report on Thursday, August 1st. Wells Fargo & Company raised 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, July 26th. Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target on the stock. in a research note on Monday. Barclays decreased their price target on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research note on Monday, May 20th. Finally, Scotiabank raised their price target on shares of Public Storage from $289.00 to $314.00 and gave the stock a “sector perform” rating in a research note on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $310.42.

Insider Buying and Selling at Public Storage

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

Public Storage Stock Up 3.0 %

Shares of PSA stock traded up $8.98 during trading on Tuesday, reaching $312.64. The company’s stock had a trading volume of 1,029,282 shares, compared to its average volume of 723,221. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.54. The company has a market capitalization of $54.94 billion, a price-to-earnings ratio of 27.58, a P/E/G ratio of 4.57 and a beta of 0.65. The stock’s 50-day moving average price is $289.59 and its 200 day moving average price is $282.82. Public Storage has a 1-year low of $233.18 and a 1-year high of $315.26.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing the consensus estimate of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The company had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the prior year, the firm posted $4.28 EPS. The firm’s quarterly revenue was down 1.0% compared to the same quarter last year. On average, research analysts anticipate that Public Storage will post 16.77 EPS for the current year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a $3.00 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 annualized dividend and a yield of 3.84%. Public Storage’s dividend payout ratio (DPR) 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.