Public Storage (NYSE:PSA) Shares Sold by Old Port Advisors

Old Port Advisors trimmed its stake in Public Storage (NYSE:PSA) by 0.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 6,304 shares of the real estate investment trust’s stock after selling 45 shares during the period. Old Port Advisors’ holdings in Public Storage were worth $1,888,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in PSA. Prospera Private Wealth LLC purchased a new stake in Public Storage in the third quarter valued at approximately $34,000. Ashton Thomas Securities LLC purchased a new stake in shares of Public Storage in the 3rd quarter valued at $38,000. Compagnie Lombard Odier SCmA purchased a new stake in shares of Public Storage in the 3rd quarter valued at $50,000. Harbor Capital Advisors Inc. acquired a new position in Public Storage during the 3rd quarter worth about $55,000. Finally, Deseret Mutual Benefit Administrators boosted its holdings in Public Storage by 39.2% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 206 shares of the real estate investment trust’s stock valued at $75,000 after acquiring an additional 58 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of PSA traded down $2.60 during midday trading on Thursday, reaching $296.84. 157,579 shares of the stock were exchanged, compared to its average volume of 719,218. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $51.98 billion, a price-to-earnings ratio of 30.82, a PEG ratio of 5.29 and a beta of 0.71. The business’s 50-day moving average price is $326.30 and its 200 day moving average price is $325.13.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.04%. The ex-dividend date of this dividend was Friday, December 13th. Public Storage’s payout ratio is currently 124.61%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PSA. Wells Fargo & Company cut their price target 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. Morgan Stanley increased their target price on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Royal Bank of Canada cut their price objective on Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Finally, Truist Financial lifted their target price on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $342.07.

Insider Transactions at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the completion of the sale, the insider now directly owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 11.00% of the company’s stock.

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.