Public Storage (NYSE:PSA) Holdings Reduced by Gulf International Bank UK Ltd

Gulf International Bank UK Ltd lowered its position in Public Storage (NYSE:PSA) by 1.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,384 shares of the real estate investment trust’s stock after selling 129 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Public Storage were worth $3,708,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in PSA. Assenagon Asset Management S.A. raised its stake in Public Storage by 12.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 4,709 shares of the real estate investment trust’s stock valued at $1,713,000 after acquiring an additional 535 shares in the last quarter. Pallas Capital Advisors LLC increased its holdings in shares of Public Storage by 58.1% during the third quarter. Pallas Capital Advisors LLC now owns 1,404 shares of the real estate investment trust’s stock valued at $475,000 after purchasing an additional 516 shares during the period. Integrated Advisors Network LLC raised its stake in shares of Public Storage by 3.9% during the third quarter. Integrated Advisors Network LLC now owns 3,026 shares of the real estate investment trust’s stock valued at $1,101,000 after purchasing an additional 114 shares in the last quarter. Childress Capital Advisors LLC acquired a new stake in Public Storage in the third quarter worth about $221,000. Finally, First Trust Direct Indexing L.P. grew its position in Public Storage by 27.5% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 5,337 shares of the real estate investment trust’s stock valued at $1,942,000 after buying an additional 1,150 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on PSA shares. Royal Bank of Canada dropped their price target on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research report on Wednesday. Truist Financial boosted their target price on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and upped their target price for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Wells Fargo & Company lowered their price target on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Finally, Barclays cut their price objective on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Seven research analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $340.69.

Public Storage Trading Up 0.4 %

NYSE:PSA opened at $305.50 on Friday. The stock has a fifty day simple moving average of $298.17 and a 200 day simple moving average of $325.17. The firm has a market capitalization of $53.50 billion, a price-to-earnings ratio of 31.72, a price-to-earnings-growth ratio of 4.91 and a beta of 0.74. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.93%. The ex-dividend date is Thursday, March 13th. Public Storage’s payout ratio is 112.89%.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. This trade represents a 15.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 11.00% of the stock is owned by company insiders.

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.