Kentucky Retirement Systems Sells 644 Shares of Public Storage (NYSE:PSA)

Kentucky Retirement Systems lessened its holdings in Public Storage (NYSE:PSA) by 5.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 12,018 shares of the real estate investment trust’s stock after selling 644 shares during the quarter. Kentucky Retirement Systems’ holdings in Public Storage were worth $3,486,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD boosted its holdings in Public Storage by 4.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock worth $1,575,794,000 after acquiring an additional 219,391 shares in the last quarter. BOKF NA boosted its holdings in Public Storage by 3.5% in the first quarter. BOKF NA now owns 33,229 shares of the real estate investment trust’s stock worth $9,520,000 after acquiring an additional 1,116 shares in the last quarter. LRI Investments LLC acquired a new stake in Public Storage in the first quarter worth about $40,000. Canada Pension Plan Investment Board boosted its holdings in Public Storage by 34.4% in the first quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock worth $319,270,000 after acquiring an additional 281,800 shares in the last quarter. Finally, Capital Group Private Client Services Inc. boosted its holdings in Public Storage by 52.3% in the first quarter. Capital Group Private Client Services Inc. now owns 6,193 shares of the real estate investment trust’s stock worth $1,796,000 after acquiring an additional 2,128 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Insiders Place Their Bets

In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction 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 filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Kristy Pipes acquired 2,149 shares of the stock in a transaction on Tuesday, May 14th. The shares were bought at an average price of $278.96 per share, with a total value of $599,485.04. Following the completion of the purchase, the director now owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now directly owns 3,214 shares in the company, valued at approximately $881,568.06. The disclosure for this sale can be found here. 11.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

PSA has been the subject of a number of research reports. Wells Fargo & Company lifted their target price on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a report on Friday. Scotiabank lifted 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. Evercore ISI lifted their target price on Public Storage from $289.00 to $300.00 and gave the stock an “in-line” rating in a report on Monday, July 15th. Finally, Barclays decreased their target price on Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a report on Monday, May 20th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $310.55.

Public Storage Price Performance

Shares of NYSE:PSA traded up $5.82 during trading on Friday, reaching $300.74. The stock had a trading volume of 368,091 shares, compared to its average volume of 634,555. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.54 and a current ratio of 0.54. The business has a fifty day moving average price of $286.65 and a 200-day moving average price of $282.51. The stock has a market cap of $52.85 billion, a PE ratio of 27.32, a PEG ratio of 4.38 and a beta of 0.65. Public Storage has a 1-year low of $233.18 and a 1-year high of $314.93.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th were paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date of this dividend was Wednesday, June 12th. Public Storage’s dividend payout ratio (DPR) is currently 108.99%.

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.