American International Group Inc. Sells 407 Shares of Public Storage (NYSE:PSA)

American International Group Inc. trimmed its position in Public Storage (NYSE:PSA) by 0.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 44,831 shares of the real estate investment trust’s stock after selling 407 shares during the period. American International Group Inc.’s holdings in Public Storage were worth $13,004,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of PSA. Norges Bank bought a new stake in Public Storage during the fourth quarter worth about $821,151,000. Daiwa Securities Group Inc. raised its holdings in Public Storage by 86.8% during the first quarter. Daiwa Securities Group Inc. now owns 645,168 shares of the real estate investment trust’s stock worth $187,137,000 after acquiring an additional 299,826 shares in the last quarter. Vanguard Group Inc. raised its holdings in Public Storage by 1.0% during the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after acquiring an additional 217,487 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Public Storage by 8.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,687,170 shares of the real estate investment trust’s stock worth $794,161,000 after acquiring an additional 216,331 shares in the last quarter. Finally, Clearbridge Investments LLC raised its holdings in Public Storage by 31.0% during the fourth quarter. Clearbridge Investments LLC now owns 861,028 shares of the real estate investment trust’s stock worth $262,614,000 after acquiring an additional 203,509 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Public Storage

In other Public Storage news, Director Kristy Pipes bought 2,149 shares of Public Storage stock in a transaction on Tuesday, May 14th. The shares were purchased at an average price of $278.96 per share, with a total value of $599,485.04. Following the acquisition, the director now owns 2,149 shares in the company, valued at approximately $599,485.04. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction 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 sale, the insider now owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kristy Pipes bought 2,149 shares of Public Storage stock in a transaction on 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 acquisition, 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. Company insiders own 11.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PSA shares. Scotiabank upped their target price on Public Storage from $289.00 to $314.00 and gave the stock a “sector perform” rating in a report on Friday, July 19th. Barclays dropped their price objective on Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research note on Monday, May 20th. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective on the stock in a research note on Thursday, March 28th. Wells Fargo & Company upgraded Public Storage from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $280.00 to $310.00 in a research note on Friday, April 5th. Finally, Evercore ISI upped their price objective on Public Storage from $289.00 to $300.00 and gave the company an “in-line” rating in a research note on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and an average price target of $309.64.

Public Storage Price Performance

NYSE:PSA traded up $1.70 during trading hours on Thursday, reaching $297.25. 206,084 shares of the company were exchanged, compared to its average volume of 709,527. The company has a market capitalization of $52.24 billion, a P/E ratio of 27.12, a P/E/G ratio of 4.40 and a beta of 0.65. Public Storage has a 1-year low of $233.18 and a 1-year high of $314.93. 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 business has a 50 day moving average of $286.25 and a 200 day moving average of $282.52.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date was Wednesday, June 12th. Public Storage’s dividend payout ratio is presently 108.99%.

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.