Public Storage (NYSE:PSA) Shares Acquired by Procyon Advisors LLC

Procyon Advisors LLC increased its position in Public Storage (NYSE:PSA) by 10.6% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 8,044 shares of the real estate investment trust’s stock after acquiring an additional 772 shares during the period. Procyon Advisors LLC’s holdings in Public Storage were worth $2,333,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Signet Financial Management LLC boosted its position in shares of Public Storage by 2.1% in the 1st quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust’s stock valued at $555,000 after purchasing an additional 39 shares during the period. S.A. Mason LLC lifted its holdings in shares of Public Storage by 10.7% in the first quarter. S.A. Mason LLC now owns 732 shares of the real estate investment trust’s stock valued at $212,000 after purchasing an additional 71 shares in the last quarter. G&S Capital LLC boosted its position in shares of Public Storage by 109.6% in the first quarter. G&S Capital LLC now owns 2,073 shares of the real estate investment trust’s stock worth $601,000 after buying an additional 1,084 shares during the period. Sovereign Financial Group Inc. boosted its position in shares of Public Storage by 12.3% in the first quarter. Sovereign Financial Group Inc. now owns 1,075 shares of the real estate investment trust’s stock worth $312,000 after buying an additional 118 shares during the period. Finally, Brookstone Capital Management raised its position 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 buying an additional 40 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PSA shares. Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective for the company in a research note on Thursday, March 28th. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $280.00 to $310.00 in a research report on Friday, April 5th. Scotiabank lifted their target price 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. Barclays dropped their price target on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research note on Monday, May 20th. Finally, BMO Capital Markets lifted their price objective on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research report on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and an average price target of $303.00.

Public Storage Price Performance

Shares of PSA opened at $286.55 on Friday. The firm has a market cap of $50.36 billion, a PE ratio of 26.03, a PEG ratio of 4.03 and a beta of 0.63. The firm’s 50 day moving average price is $275.12 and its 200 day moving average price is $282.68. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.54 and a current ratio of 0.54. Public Storage has a twelve month low of $233.18 and a twelve month high of $312.25.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Wednesday, June 12th were given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.19%. The ex-dividend date of this dividend was Wednesday, June 12th. Public Storage’s payout ratio is presently 108.99%.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $274.29, for a total value of $109,716.00. Following the transaction, the insider now owns 3,214 shares of the company’s stock, valued at $881,568.06. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $274.29, for a total value of $109,716.00. Following the transaction, the insider now owns 3,214 shares of the company’s stock, valued at $881,568.06. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 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 price of $278.96 per share, for a total transaction of $599,485.04. Following the purchase, the director now owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The disclosure for this purchase can be found here. Insiders own 11.00% of the company’s stock.

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.