Investment Advisory Group LLC Buys 73 Shares of Public Storage (NYSE:PSA)

Investment Advisory Group LLC lifted its stake in shares of Public Storage (NYSE:PSA) by 8.5% in the fourth quarter, HoldingsChannel reports. The fund owned 929 shares of the real estate investment trust’s stock after acquiring an additional 73 shares during the period. Investment Advisory Group LLC’s holdings in Public Storage were worth $278,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC bought a new position in shares of Public Storage in the third quarter worth approximately $34,000. Ashton Thomas Securities LLC purchased a new position in shares of Public Storage during the 3rd quarter valued at $38,000. Compagnie Lombard Odier SCmA bought a new position in Public Storage in the 3rd quarter worth $50,000. Harbor Capital Advisors Inc. bought a new position in Public Storage in the 3rd quarter worth $55,000. Finally, Versant Capital Management Inc increased its stake in Public Storage by 301.7% in the 4th quarter. Versant Capital Management Inc now owns 237 shares of the real estate investment trust’s stock worth $71,000 after buying an additional 178 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Up 0.3 %

Shares of NYSE:PSA opened at $297.04 on Wednesday. The company has a market cap of $52.01 billion, a price-to-earnings ratio of 30.85, a PEG ratio of 4.77 and a beta of 0.74. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The company has a 50-day moving average price of $315.48 and a 200 day moving average price of $326.01.

Public Storage Dividend Announcement

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date was Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is 124.61%.

Wall Street Analysts Forecast Growth

PSA has been the subject of a number of recent analyst reports. Wells Fargo & Company dropped their price objective on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Royal Bank of Canada dropped their price target on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Evercore ISI reduced their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and upped their target price for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Finally, Barclays reduced their price target on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. Seven research analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $344.54.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 450 shares of the firm’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 owns 2,364 shares in the company, valued at approximately $751,728.36. This trade represents a 15.99 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 11.10% 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.