International Assets Investment Management LLC Invests $7.85 Million in Public Storage (NYSE:PSA)

International Assets Investment Management LLC acquired a new position in Public Storage (NYSE:PSA) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 26,213 shares of the real estate investment trust’s stock, valued at approximately $7,849,000.

Several other hedge funds have also recently bought and sold shares of PSA. Prospera Private Wealth LLC acquired a new stake in shares of Public Storage in the third quarter worth $34,000. Ashton Thomas Securities LLC acquired a new position in shares of Public Storage during the third quarter valued at about $38,000. Compagnie Lombard Odier SCmA bought a new stake in shares of Public Storage in the third quarter valued at about $50,000. Harbor Capital Advisors Inc. bought a new position in Public Storage during the third quarter valued at about $55,000. Finally, Deseret Mutual Benefit Administrators raised its holdings in Public Storage by 39.2% in 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 in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PSA has been the subject of a number of recent research reports. Jefferies Financial Group upped their target price on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Royal Bank of Canada lowered their target price on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Morgan Stanley upped their price objective on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Truist Financial increased their price objective on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. Finally, Barclays decreased their price objective on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $342.07.

Public Storage Trading Down 0.9 %

Shares of NYSE PSA traded down $2.58 during midday trading on Wednesday, hitting $295.62. The stock had a trading volume of 63,244 shares, compared to its average volume of 524,636. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The firm has a market cap of $51.77 billion, a P/E ratio of 30.70, a price-to-earnings-growth ratio of 5.29 and a beta of 0.74. The company’s 50-day simple moving average is $323.26 and its 200 day simple moving average is $325.59.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date of this dividend was Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is 124.61%.

Insider Activity at Public Storage

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