Nathaniel A. Vitan Sells 450 Shares of Public Storage (NYSE:PSA) Stock

Public Storage (NYSE:PSA) insider Nathaniel A. Vitan sold 450 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $317.99, for a total transaction of $143,095.50. Following the completion of the transaction, the insider now owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Public Storage Stock Down 0.5 %

Shares of NYSE PSA opened at $313.50 on Wednesday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The firm’s 50-day moving average price is $336.02 and its 200-day moving average price is $323.82. The stock has a market capitalization of $54.90 billion, a price-to-earnings ratio of 32.55, a P/E/G ratio of 5.29 and a beta of 0.71.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.83%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s payout ratio is 124.61%.

Hedge Funds Weigh In On Public Storage

Several large investors have recently modified their holdings of the stock. Assenagon Asset Management S.A. raised its stake in shares of Public Storage by 0.9% in the second quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust’s stock valued at $1,201,000 after acquiring an additional 39 shares during the period. Blue Trust Inc. lifted its stake in Public Storage by 402.9% in the second quarter. Blue Trust Inc. now owns 870 shares of the real estate investment trust’s stock worth $252,000 after purchasing an additional 697 shares during the last quarter. Brookstone Capital Management boosted its position in shares of Public Storage by 10.1% during the second quarter. Brookstone Capital Management now owns 1,345 shares of the real estate investment trust’s stock valued at $417,000 after buying an additional 123 shares during the period. Raymond James & Associates grew its stake in shares of Public Storage by 4.6% during the second quarter. Raymond James & Associates now owns 129,638 shares of the real estate investment trust’s stock valued at $37,290,000 after buying an additional 5,748 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its holdings in shares of Public Storage by 10.9% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 67,704 shares of the real estate investment trust’s stock worth $19,475,000 after buying an additional 6,652 shares during the period. Institutional investors own 78.79% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on PSA. Scotiabank upped their target price on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. Jefferies Financial Group lifted their target price on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Wells Fargo & Company dropped their price target on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Citigroup lifted their price objective on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Truist Financial upped their target price on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. One analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $342.07.

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.