Guidance Capital Inc. Boosts Stock Holdings in Public Storage (NYSE:PSA)

Guidance Capital Inc. grew its stake in shares of Public Storage (NYSE:PSA) by 8.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,858 shares of the real estate investment trust’s stock after buying an additional 142 shares during the quarter. Guidance Capital Inc.’s holdings in Public Storage were worth $494,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of PSA. EverSource Wealth Advisors LLC raised its position in Public Storage by 107.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 44 shares during the last quarter. Core Wealth Advisors Inc. purchased a new position in shares of Public Storage during the fourth quarter valued at approximately $30,000. EdgeRock Capital LLC bought a new position in shares of Public Storage during the fourth quarter valued at approximately $32,000. Private Ocean LLC lifted its stake in Public Storage by 5,450.0% in the fourth quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 109 shares during the period. Finally, Centerpoint Advisors LLC bought a new stake in Public Storage in the fourth quarter valued at $35,000. Institutional investors own 78.79% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on PSA shares. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $280.00 to $310.00 in a report on Friday, April 5th. Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective on the stock in a research report on Thursday, March 28th. Barclays reduced their target price on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research report on Monday, May 20th. BMO Capital Markets upped their price target on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 19th. Finally, Scotiabank raised their price objective 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. 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 stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $303.00.

Public Storage Stock Performance

PSA traded up $1.10 during mid-day trading on Friday, reaching $287.65. 1,790,167 shares of the company traded hands, compared to its average volume of 741,451. The stock has a market capitalization of $50.55 billion, a P/E ratio of 26.13, a P/E/G ratio of 4.00 and a beta of 0.63. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. The company’s fifty day moving average price is $276.19 and its 200-day moving average price is $282.85. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th were paid a dividend of $3.00 per share. The ex-dividend date was Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.17%. Public Storage’s dividend payout ratio is presently 108.99%.

Insider Buying and Selling at Public Storage

In other Public Storage news, Director Kristy Pipes acquired 2,149 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was purchased at an average price of $278.96 per share, with a total value of $599,485.04. Following the transaction, the director now directly owns 2,149 shares in the company, valued at approximately $599,485.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Public Storage news, Director Kristy Pipes acquired 2,149 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was purchased at an average price of $278.96 per share, with a total value of $599,485.04. Following the transaction, the director now directly owns 2,149 shares in the company, valued at approximately $599,485.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Nathaniel A. Vitan sold 400 shares of the business’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 sale, the insider now directly owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The disclosure for this sale can be found here. Company 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.