Public Storage (NYSE:PSA) Shares Acquired by Vanguard Group Inc.

Vanguard Group Inc. increased its position in Public Storage (NYSE:PSA) by 1.0% during the first quarter, HoldingsChannel.com reports. The fund owned 20,946,291 shares of the real estate investment trust’s stock after acquiring an additional 217,487 shares during the quarter. Vanguard Group Inc. owned 0.12% of Public Storage worth $6,075,681,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on PSA shares. Evercore ISI upped their target price on Public Storage from $289.00 to $300.00 and gave the company an “in-line” rating in a research note on Monday, July 15th. Barclays reduced their target price on Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research note on Monday, May 20th. Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target on the stock in a research note on Thursday, March 28th. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $280.00 to $310.00 in a research note on Friday, April 5th. Finally, Scotiabank increased their price target on Public Storage from $289.00 to $314.00 and gave the stock a “sector perform” rating in a research note on Friday. 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Public Storage currently has an average rating of “Moderate Buy” and a consensus price target of $309.64.

Insider Activity

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

Public Storage Stock Down 0.6 %

Shares of Public Storage stock traded down $1.97 during trading hours on Friday, hitting $301.65. 494,421 shares of the company’s stock traded hands, compared to its average volume of 676,867. The stock has a 50 day simple moving average of $285.08 and a 200-day simple moving average of $282.52. 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 has a market cap of $53.01 billion, a PE ratio of 27.40, a PEG ratio of 4.39 and a beta of 0.65. Public Storage has a twelve month low of $233.18 and a twelve month high of $314.93.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th were paid a dividend of $3.00 per share. The ex-dividend date of this dividend was Wednesday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 3.98%. Public Storage’s dividend payout ratio is presently 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.