Public Storage (NYSE:PSA) Shares Sold by Maltin Wealth Management Inc.

Maltin Wealth Management Inc. lessened its position in Public Storage (NYSE:PSA) by 5.2% during the first quarter, Holdings Channel reports. The fund owned 3,324 shares of the real estate investment trust’s stock after selling 181 shares during the quarter. Maltin Wealth Management Inc.’s holdings in Public Storage were worth $964,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of PSA. Norges Bank acquired a new stake in shares of Public Storage in the fourth quarter valued at approximately $821,151,000. JPMorgan Chase & Co. grew its holdings in Public Storage by 29.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock worth $835,032,000 after buying an additional 729,262 shares in the last quarter. Lazard Asset Management LLC increased its position in Public Storage by 555.6% in the 3rd quarter. Lazard Asset Management LLC now owns 615,154 shares of the real estate investment trust’s stock valued at $162,104,000 after acquiring an additional 521,322 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Public Storage by 8.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,687,170 shares of the real estate investment trust’s stock worth $794,161,000 after purchasing an additional 216,331 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its stake in Public Storage by 31.0% during the fourth quarter. Clearbridge Investments LLC now owns 861,028 shares of the real estate investment trust’s stock valued at $262,614,000 after purchasing an additional 203,509 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PSA has been the topic of several research reports. BMO Capital Markets upped their price target on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a report on Tuesday, March 19th. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $280.00 to $310.00 in a research report on Friday, April 5th. Barclays decreased their price target on Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a research report on Monday, May 20th. Scotiabank boosted their price objective on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a report on Monday, March 18th. Finally, Raymond James upgraded shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price for the company in a report on Thursday, March 28th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from 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 news, Director Kristy Pipes bought 2,149 shares of the stock in a transaction on Tuesday, May 14th. The shares were purchased at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the purchase, the director now directly owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The purchase was disclosed in a filing with the SEC, which is available through this link. In other news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the transaction, the insider now owns 3,214 shares in the company, valued at approximately $881,568.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kristy Pipes acquired 2,149 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The stock was acquired at an average price of $278.96 per share, with a total value of $599,485.04. Following the completion of the acquisition, the director now directly owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The disclosure for this purchase can be found here. Company insiders own 11.00% of the company’s stock.

Public Storage Stock Down 0.5 %

Shares of NYSE PSA traded down $1.47 during mid-day trading on Friday, reaching $285.08. The company had a trading volume of 152,196 shares, compared to its average volume of 714,142. 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 company has a market capitalization of $50.10 billion, a price-to-earnings ratio of 26.03, a PEG ratio of 4.03 and a beta of 0.63. The stock has a fifty day moving average of $275.12 and a two-hundred day moving average of $282.68. Public Storage has a 12-month low of $233.18 and a 12-month high of $312.25.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th were given a $3.00 dividend. The ex-dividend date was Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.21%. Public Storage’s payout ratio 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.