American International Group Inc. Sells 252 Shares of Public Storage (NYSE:PSA)

American International Group Inc. reduced its holdings in Public Storage (NYSE:PSA) by 0.6% in the fourth quarter, HoldingsChannel reports. The firm owned 45,238 shares of the real estate investment trust’s stock after selling 252 shares during the period. American International Group Inc.’s holdings in Public Storage were worth $13,798,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. AdvisorNet Financial Inc increased its holdings in Public Storage by 3.2% in the fourth quarter. AdvisorNet Financial Inc now owns 1,139 shares of the real estate investment trust’s stock worth $347,000 after purchasing an additional 35 shares in the last quarter. Gryphon Financial Partners LLC increased its holdings in Public Storage by 2.5% in the fourth quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock worth $476,000 after purchasing an additional 38 shares in the last quarter. RB Capital Management LLC increased its holdings in Public Storage by 1.1% in the third quarter. RB Capital Management LLC now owns 3,978 shares of the real estate investment trust’s stock worth $1,048,000 after purchasing an additional 43 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Public Storage by 107.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 44 shares in the last quarter. Finally, Park Place Capital Corp grew its stake in Public Storage by 28.0% in the fourth quarter. Park Place Capital Corp now owns 206 shares of the real estate investment trust’s stock valued at $63,000 after acquiring an additional 45 shares during the period. 78.79% of the stock is currently owned by institutional investors.

Public Storage Stock Performance

NYSE:PSA traded up $0.65 during trading on Friday, reaching $283.25. The company’s stock had a trading volume of 617,232 shares, compared to its average volume of 669,322. The firm has a market cap of $49.78 billion, a price-to-earnings ratio of 25.73, a price-to-earnings-growth ratio of 3.96 and a beta of 0.63. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.54 and a current ratio of 0.54. The firm has a 50 day moving average of $272.60 and a 200-day moving average of $281.41. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.24%. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Analyst Ratings Changes

PSA has been the subject of a number of research reports. BMO Capital Markets raised their price objective on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $280.00 to $310.00 in a research note on Friday, April 5th. Scotiabank lifted their target price on Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research report on Monday, March 18th. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target for the company in a report on Thursday, March 28th. Finally, Barclays decreased their price target on Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a report on Monday, May 20th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $303.00.

Insider Buying and Selling at Public Storage

In other Public Storage news, Director Kristy Pipes acquired 2,149 shares of Public Storage stock in a transaction on Tuesday, May 14th. The stock was purchased at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the purchase, the director now directly owns 2,149 shares of the company’s stock, valued at $599,485.04. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Kristy Pipes purchased 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, for a total transaction 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following the transaction, the insider now owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The disclosure for this sale can be found here. Corporate insiders own 11.00% of the company’s stock.

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.