Nisa Investment Advisors LLC Sells 4,600 Shares of Public Storage (NYSE:PSA)

Nisa Investment Advisors LLC trimmed its stake in Public Storage (NYSE:PSA) by 4.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 89,394 shares of the real estate investment trust’s stock after selling 4,600 shares during the quarter. Nisa Investment Advisors LLC owned approximately 0.05% of Public Storage worth $26,768,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Atomi Financial Group Inc. lifted its stake in Public Storage by 8.4% in the fourth quarter. Atomi Financial Group Inc. now owns 890 shares of the real estate investment trust’s stock valued at $267,000 after purchasing an additional 69 shares during the last quarter. Perpetual Ltd lifted its position in shares of Public Storage by 4.2% during the 4th quarter. Perpetual Ltd now owns 99,473 shares of the real estate investment trust’s stock valued at $29,786,000 after buying an additional 4,015 shares during the last quarter. Chesapeake Wealth Management grew its stake in shares of Public Storage by 9.2% during the 4th quarter. Chesapeake Wealth Management now owns 1,680 shares of the real estate investment trust’s stock worth $503,000 after acquiring an additional 142 shares during the period. Ballentine Partners LLC increased its holdings in Public Storage by 6.9% in the 4th quarter. Ballentine Partners LLC now owns 841 shares of the real estate investment trust’s stock worth $252,000 after acquiring an additional 54 shares during the last quarter. Finally, Seven Post Investment Office LP raised its stake in Public Storage by 1.0% in the 4th quarter. Seven Post Investment Office LP now owns 29,079 shares of the real estate investment trust’s stock valued at $8,707,000 after acquiring an additional 287 shares during the period. 78.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PSA. Royal Bank of Canada reduced their target price on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Wells Fargo & Company reduced their price objective on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Truist Financial increased their target price on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Barclays reduced their price target on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research report on Monday, January 13th. Finally, Morgan Stanley increased their price objective on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Seven equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $344.54.

Insiders Place Their Bets

In related news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $317.99, for a total transaction of $143,095.50. Following the transaction, the insider now directly owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. This trade represents a 15.99 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 11.10% of the company’s stock.

Public Storage Price Performance

PSA stock opened at $290.87 on Thursday. The firm has a 50 day simple moving average of $315.48 and a two-hundred day simple moving average of $326.01. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market cap of $50.93 billion, a PE ratio of 30.20, a P/E/G ratio of 4.77 and a beta of 0.74. Public Storage has a one year low of $256.31 and a one year high of $369.99.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were paid a $3.00 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.13%. Public Storage’s dividend payout ratio is presently 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.