Fifth Third Wealth Advisors LLC Raises Stake in Public Storage (NYSE:PSA)

Fifth Third Wealth Advisors LLC raised its holdings in shares of Public Storage (NYSE:PSA) by 9.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,530 shares of the real estate investment trust’s stock after acquiring an additional 138 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Public Storage were worth $458,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its holdings in shares of Public Storage by 1.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock valued at $51,762,000 after purchasing an additional 2,605 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in shares of Public Storage by 114.2% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust’s stock valued at $33,302,000 after buying an additional 48,803 shares during the last quarter. Larson Financial Group LLC grew its stake in shares of Public Storage by 3,714.6% during the third quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust’s stock valued at $666,000 after buying an additional 1,783 shares during the last quarter. Capital Investment Advisors LLC increased its holdings in shares of Public Storage by 25.4% in the fourth quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust’s stock worth $8,566,000 after buying an additional 5,793 shares during the period. Finally, Handelsbanken Fonder AB lifted its stake in shares of Public Storage by 4.1% in the 3rd quarter. Handelsbanken Fonder AB now owns 72,741 shares of the real estate investment trust’s stock valued at $26,468,000 after acquiring an additional 2,832 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 11.10% of the company’s stock.

Public Storage Stock Up 2.5 %

Shares of NYSE:PSA opened at $297.79 on Friday. The firm has a market capitalization of $52.15 billion, a P/E ratio of 30.92, a P/E/G ratio of 4.65 and a beta of 0.74. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a 50 day moving average price of $318.53 and a 200-day moving average price of $325.45. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were issued a $3.00 dividend. The ex-dividend date was Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.03%. Public Storage’s dividend payout ratio (DPR) is 124.61%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PSA shares. Truist Financial raised their price target on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and raised their target price for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Wells Fargo & Company lowered their price target on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Evercore ISI cut their price target on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Finally, Royal Bank of Canada decreased their price objective on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Seven equities research analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $344.54.

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.