M.E. Allison & CO. Inc. Purchases New Stake in Public Storage (NYSE:PSA)

M.E. Allison & CO. Inc. acquired a new position in shares of Public Storage (NYSE:PSA) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 749 shares of the real estate investment trust’s stock, valued at approximately $224,000.

A number of other large investors have also recently bought and sold shares of the company. Ellsworth Advisors LLC increased its stake in shares of Public Storage by 2.5% in the 4th quarter. Ellsworth Advisors LLC now owns 22,916 shares of the real estate investment trust’s stock valued at $6,862,000 after purchasing an additional 563 shares during the last quarter. Premier Path Wealth Partners LLC boosted its stake in Public Storage by 3.4% in the fourth quarter. Premier Path Wealth Partners LLC now owns 1,221 shares of the real estate investment trust’s stock valued at $366,000 after buying an additional 40 shares in the last quarter. Brooklyn Investment Group grew its position in Public Storage by 3.4% in the fourth quarter. Brooklyn Investment Group now owns 1,152 shares of the real estate investment trust’s stock valued at $345,000 after acquiring an additional 38 shares during the last quarter. Whitener Capital Management Inc. raised its stake in Public Storage by 3.4% during the fourth quarter. Whitener Capital Management Inc. now owns 1,485 shares of the real estate investment trust’s stock worth $445,000 after acquiring an additional 49 shares in the last quarter. Finally, Merit Financial Group LLC lifted its holdings in shares of Public Storage by 104.3% in the fourth quarter. Merit Financial Group LLC now owns 8,367 shares of the real estate investment trust’s stock worth $2,505,000 after acquiring an additional 4,272 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Trading Down 0.5 %

Shares of PSA stock opened at $296.25 on Tuesday. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a 50 day simple moving average of $316.96 and a two-hundred day simple moving average of $325.90. The company has a market cap of $51.88 billion, a P/E ratio of 30.76, a PEG ratio of 4.65 and a beta of 0.74.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were paid a $3.00 dividend. The ex-dividend date was Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 4.05%. Public Storage’s dividend payout ratio is currently 124.61%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on PSA shares. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and lifted their price target for the company from $298.00 to $299.00 in a report on Friday, January 10th. Morgan Stanley boosted their target price on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Evercore ISI dropped their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Royal Bank of Canada reduced their price objective on Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Finally, Wells Fargo & Company dropped their target price on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Seven research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and an average price target of $344.54.

Insider Activity at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction on Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the completion of the sale, the insider now directly 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 SEC, which is accessible through this hyperlink. 11.10% of the stock is owned by corporate insiders.

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.