International Assets Investment Management LLC Acquires New Position in Public Storage (NYSE:PSA)

International Assets Investment Management LLC bought a new position in shares of Public Storage (NYSE:PSA) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 26,213 shares of the real estate investment trust’s stock, valued at approximately $7,849,000.

Other hedge funds also recently made changes to their positions in the company. Doliver Advisors LP raised its stake in Public Storage by 2.6% during the fourth quarter. Doliver Advisors LP now owns 1,446 shares of the real estate investment trust’s stock worth $433,000 after acquiring an additional 36 shares during the period. Nordea Investment Management AB increased its position in Public Storage by 1.6% in the fourth quarter. Nordea Investment Management AB now owns 12,738 shares of the real estate investment trust’s stock worth $3,792,000 after buying an additional 200 shares during the period. Versant Capital Management Inc lifted its stake in Public Storage by 301.7% in the fourth quarter. Versant Capital Management Inc now owns 237 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 178 shares during the last quarter. Global Wealth Strategies & Associates acquired a new position in shares of Public Storage during the fourth quarter valued at $95,000. Finally, Principal Financial Group Inc. increased its holdings in shares of Public Storage by 1.9% in the 3rd quarter. Principal Financial Group Inc. now owns 214,382 shares of the real estate investment trust’s stock worth $78,007,000 after acquiring an additional 3,973 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PSA. Evercore ISI reduced their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Wells Fargo & Company decreased their price objective on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Jefferies Financial Group lifted their target price on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Truist Financial raised their price target on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Finally, Morgan Stanley upped their price objective on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $342.07.

Insider Activity

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the company’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $317.99, for a total value of $143,095.50. Following the transaction, the insider now directly owns 2,364 shares of the company’s stock, valued at $751,728.36. This represents a 15.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 11.00% of the company’s stock.

Public Storage Trading Down 0.9 %

Shares of Public Storage stock traded down $2.58 during trading on Wednesday, hitting $295.62. The stock had a trading volume of 63,244 shares, compared to its average volume of 524,636. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The company has a market capitalization of $51.77 billion, a PE ratio of 30.70, a P/E/G ratio of 5.29 and a beta of 0.74. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99. The stock has a 50 day simple moving average of $323.26 and a 200 day simple moving average of $325.59.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.06%. The ex-dividend date of this dividend was Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is currently 124.61%.

About Public Storage

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.