Gold Investment Management Ltd. Reduces Stock Position in Public Storage (NYSE:PSA)

Gold Investment Management Ltd. lessened its position in Public Storage (NYSE:PSA) by 2.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,710 shares of the real estate investment trust’s stock after selling 73 shares during the quarter. Gold Investment Management Ltd.’s holdings in Public Storage were worth $786,000 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 PSA. EverSource Wealth Advisors LLC increased its position in shares of Public Storage by 107.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 44 shares in the last quarter. Core Wealth Advisors Inc. bought a new position in shares of Public Storage in the 4th quarter valued at about $30,000. EdgeRock Capital LLC purchased a new stake in Public Storage in the 4th quarter worth about $32,000. Private Ocean LLC raised its position in Public Storage by 5,450.0% in the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 109 shares during the period. Finally, Centerpoint Advisors LLC purchased a new position in shares of Public Storage during the fourth quarter worth approximately $35,000. 78.79% of the stock is owned by institutional investors.

Public Storage Stock Performance

NYSE PSA traded down $1.57 on Wednesday, reaching $287.42. The stock had a trading volume of 569,572 shares, compared to its average volume of 715,781. The company has a market cap of $50.51 billion, a P/E ratio of 26.11, a price-to-earnings-growth ratio of 4.23 and a beta of 0.65. Public Storage has a 1-year low of $233.18 and a 1-year high of $312.25. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.54. The firm has a fifty day moving average of $280.48 and a two-hundred day moving average of $282.60.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th were given a $3.00 dividend. The ex-dividend date of this dividend was Wednesday, June 12th. This represents a $12.00 annualized dividend and a yield of 4.18%. Public Storage’s dividend payout ratio is presently 108.99%.

Insider Transactions at Public Storage

In other Public Storage news, Director Kristy Pipes purchased 2,149 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were acquired at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the acquisition, the director now owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kristy Pipes bought 2,149 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were acquired at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the purchase, the director now owns 2,149 shares in the company, valued at approximately $599,485.04. The disclosure for this purchase can be found here. 11.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PSA has been the subject of several recent research reports. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price for the company in a report on Thursday, March 28th. BMO Capital Markets upped their target price on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a report on Tuesday, March 19th. Wells Fargo & Company upgraded 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. Barclays decreased their target price on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research report on Monday, May 20th. Finally, Scotiabank lifted their price objective on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research note on Monday, March 18th. One equities research 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’s stock. According to MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and a consensus price target of $303.00.

Public Storage 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.