Eagle Ridge Investment Management Acquires 15,449 Shares of Public Storage (NYSE:PSA)

Eagle Ridge Investment Management grew its holdings in shares of Public Storage (NYSE:PSA) by 25.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 76,933 shares of the real estate investment trust’s stock after acquiring an additional 15,449 shares during the period. Public Storage comprises approximately 2.1% of Eagle Ridge Investment Management’s holdings, making the stock its 18th largest position. Eagle Ridge Investment Management’s holdings in Public Storage were worth $22,315,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. AdvisorNet Financial Inc increased its position in Public Storage by 3.2% in the fourth quarter. AdvisorNet Financial Inc now owns 1,139 shares of the real estate investment trust’s stock worth $347,000 after buying an additional 35 shares in the last quarter. Gryphon Financial Partners LLC increased its holdings in Public Storage by 2.5% in the 4th quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock worth $476,000 after acquiring an additional 38 shares in the last quarter. Signet Financial Management LLC raised its stake in Public Storage by 2.1% during the 1st quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust’s stock worth $555,000 after acquiring an additional 39 shares during the period. Brookstone Capital Management lifted its holdings in Public Storage by 3.4% during the first quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock valued at $354,000 after purchasing an additional 40 shares in the last quarter. Finally, RB Capital Management LLC lifted its holdings in Public Storage by 1.1% during the third quarter. RB Capital Management LLC now owns 3,978 shares of the real estate investment trust’s stock valued at $1,048,000 after purchasing an additional 43 shares in the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Price Performance

Shares of PSA stock traded up $2.26 on Tuesday, reaching $285.39. The company’s stock had a trading volume of 626,445 shares, compared to its average volume of 725,684. The stock’s fifty day simple moving average is $276.62 and its 200-day simple moving average is $282.80. Public Storage has a 1 year low of $233.18 and a 1 year high of $312.25. The company has a market capitalization of $50.15 billion, a price-to-earnings ratio of 25.88, a price-to-earnings-growth ratio of 4.02 and a beta of 0.65. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.59.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th were paid a $3.00 dividend. The ex-dividend date was Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.20%. Public Storage’s payout ratio is currently 108.99%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PSA. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $280.00 to $310.00 in a research report on Friday, April 5th. Scotiabank boosted their price objective on Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research report on Monday, March 18th. BMO Capital Markets increased 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. Barclays lowered their price target on Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a report on Monday, May 20th. Finally, Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective for the company in a report on Thursday, March 28th. One analyst has rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $303.00.

Insider Transactions at Public Storage

In related news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction dated Monday, June 10th. The shares were 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 approximately $881,568.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kristy Pipes acquired 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, 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 disclosure for this purchase can be found here. Insiders own 11.10% of the company’s stock.

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.