Capital International Inc. CA Reduces Stock Position in Public Storage (NYSE:PSA)

Capital International Inc. CA cut its stake in Public Storage (NYSE:PSA) by 50.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,963 shares of the real estate investment trust’s stock after selling 3,019 shares during the quarter. Capital International Inc. CA’s holdings in Public Storage were worth $859,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. 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 buying an additional 44 shares during the period. Core Wealth Advisors Inc. bought a new stake in Public Storage during the 4th quarter worth approximately $30,000. Private Ocean LLC boosted its holdings 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 valued at $34,000 after purchasing an additional 109 shares during the period. EdgeRock Capital LLC bought a new position in Public Storage in the 4th quarter valued at $32,000. Finally, Turtle Creek Wealth Advisors LLC purchased a new position in shares of Public Storage during the 4th quarter valued at $35,000. 78.79% of the stock is currently owned by institutional investors.

Public Storage Trading Up 2.0 %

NYSE PSA traded up $5.82 during trading on Friday, hitting $300.74. 368,091 shares of the company’s stock traded hands, compared to its average volume of 634,555. The firm has a market cap of $52.85 billion, a P/E ratio of 27.32, a PEG ratio of 4.30 and a beta of 0.65. The stock has a fifty day moving average of $286.65 and a two-hundred day moving average of $282.61. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.54. Public Storage has a 12-month low of $233.18 and a 12-month high of $314.93.

Public Storage Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend was Wednesday, June 12th. This represents a $12.00 annualized dividend and a yield of 3.99%. Public Storage’s payout ratio is 108.99%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on PSA shares. Barclays dropped their price objective on Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a research note on Monday, May 20th. Evercore ISI boosted their price objective on Public Storage from $289.00 to $300.00 and gave the stock an “in-line” rating in a report on Monday, July 15th. Scotiabank lifted their target price on shares of Public Storage from $289.00 to $314.00 and gave the company a “sector perform” rating in a research report on Friday, July 19th. Finally, Wells Fargo & Company raised their price objective on shares of Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have assigned a buy rating and one has issued 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 a consensus price target of $310.55.

Insiders Place Their Bets

In other news, Director Kristy Pipes purchased 2,149 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was bought at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the acquisition, the director now directly owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Nathaniel A. Vitan sold 400 shares of Public Storage 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 sale, the insider now directly owns 3,214 shares in the company, valued at approximately $881,568.06. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Kristy Pipes bought 2,149 shares of Public Storage stock in a transaction dated 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 purchase, the director now directly 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 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.