Proficio Capital Partners LLC Makes New Investment in Public Storage (NYSE:PSA)

Proficio Capital Partners LLC acquired a new position in Public Storage (NYSE:PSA) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 221,256 shares of the real estate investment trust’s stock, valued at approximately $66,253,000. Proficio Capital Partners LLC owned approximately 0.13% of Public Storage at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Quent Capital LLC raised its holdings in Public Storage by 135.1% in the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 50 shares in the last quarter. Prospera Private Wealth LLC bought a new position in Public Storage in the 3rd quarter worth $34,000. Ashton Thomas Securities LLC bought a new position in Public Storage in the 3rd quarter worth $38,000. Synergy Asset Management LLC bought a new position in shares of Public Storage in the 4th quarter worth about $38,000. Finally, Harbor Capital Advisors Inc. bought a new position in shares of Public Storage in the 3rd quarter worth about $55,000. 78.79% of the stock is currently owned by institutional investors.

Public Storage Stock Performance

Shares of NYSE PSA opened at $305.50 on Friday. The firm’s 50-day moving average price is $298.17 and its 200-day moving average price is $325.17. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The company has a market cap of $53.50 billion, a PE ratio of 31.72, a PEG ratio of 4.91 and a beta of 0.74. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date is Thursday, March 13th. Public Storage’s payout ratio is presently 112.89%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on PSA shares. Truist Financial increased their price target on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and increased their price target for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Barclays decreased their price target on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Wells Fargo & Company decreased their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Finally, Royal Bank of Canada decreased their price target on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research note on Wednesday. Seven research analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus target price of $340.69.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $317.99, for a total transaction of $143,095.50. Following the sale, the insider now owns 2,364 shares of the company’s stock, valued at $751,728.36. This trade represents a 15.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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.