Columbus Macro LLC Reduces Stock Position in Public Storage (NYSE:PSA)

Columbus Macro LLC decreased its stake in shares of Public Storage (NYSE:PSA) by 6.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,468 shares of the real estate investment trust’s stock after selling 285 shares during the period. Columbus Macro LLC’s holdings in Public Storage were worth $1,296,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PSA. AdvisorNet Financial Inc lifted its stake in shares of Public Storage by 3.2% during the 4th quarter. AdvisorNet Financial Inc now owns 1,139 shares of the real estate investment trust’s stock valued at $347,000 after buying an additional 35 shares in the last quarter. Gryphon Financial Partners LLC lifted its position in shares of Public Storage by 2.5% in the fourth quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock valued at $476,000 after acquiring an additional 38 shares in the last quarter. RB Capital Management LLC boosted its stake in shares of Public Storage by 1.1% in the third quarter. RB Capital Management LLC now owns 3,978 shares of the real estate investment trust’s stock worth $1,048,000 after acquiring an additional 43 shares during the period. Bangor Savings Bank lifted its holdings in Public Storage by 0.8% in the 1st quarter. Bangor Savings Bank now owns 5,359 shares of the real estate investment trust’s stock worth $1,554,000 after purchasing an additional 43 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted 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 worth $26,000 after purchasing an additional 44 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Trading Down 0.5 %

Public Storage stock traded down $1.53 during midday trading on Wednesday, reaching $288.04. The stock had a trading volume of 41,339 shares, compared to its average volume of 714,377. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. The company has a fifty day moving average of $274.58 and a 200 day moving average of $282.64. The firm has a market cap of $50.62 billion, a price-to-earnings ratio of 26.01, a price-to-earnings-growth ratio of 4.05 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.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Wednesday, June 12th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date is Wednesday, June 12th. Public Storage’s dividend payout ratio is currently 108.99%.

Insider Buying and Selling at Public Storage

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

Wall Street Analysts Forecast Growth

PSA has been the subject of a number of research reports. Barclays dropped their target price on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a research report on Monday, May 20th. BMO Capital Markets boosted their target price on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 19th. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target for the company in a report on Thursday, March 28th. Scotiabank upped their price objective on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a report on Monday, March 18th. Finally, Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $280.00 to $310.00 in a report on Friday, April 5th. One research 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 stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $303.00.

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.