Public Storage (NYSE:PSA) Shares Sold by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC trimmed its stake in shares of Public Storage (NYSE:PSA) by 6.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,796 shares of the real estate investment trust’s stock after selling 565 shares during the period. Los Angeles Capital Management LLC’s holdings in Public Storage were worth $2,334,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Assenagon Asset Management S.A. raised its holdings in Public Storage by 12.8% during the third quarter. Assenagon Asset Management S.A. now owns 4,709 shares of the real estate investment trust’s stock worth $1,713,000 after purchasing an additional 535 shares during the last quarter. Pallas Capital Advisors LLC increased its position in shares of Public Storage by 58.1% in 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 buying an additional 516 shares in the last quarter. Integrated Advisors Network LLC raised its stake in shares of Public Storage by 3.9% during the 3rd quarter. Integrated Advisors Network LLC now owns 3,026 shares of the real estate investment trust’s stock worth $1,101,000 after buying an additional 114 shares during the last quarter. Childress Capital Advisors LLC purchased a new stake in shares of Public Storage in the 3rd quarter worth about $221,000. Finally, First Trust Direct Indexing L.P. grew its stake 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 acquiring an additional 1,150 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Nathaniel A. Vitan sold 450 shares of the company’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $317.99, for a total transaction of $143,095.50. Following the completion of the sale, the insider now directly owns 2,364 shares in the company, valued at $751,728.36. This represents a 15.99 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 11.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on PSA shares. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and lifted their target price for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Wells Fargo & Company cut their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Truist Financial increased their target price on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Barclays cut their price target on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Finally, Royal Bank of Canada decreased their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research note on Wednesday. Seven equities research analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Public Storage 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 company has a market cap of $53.50 billion, a P/E ratio of 31.72, a P/E/G ratio of 4.91 and a beta of 0.74. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The company has a 50-day moving average of $298.17 and a 200-day moving average of $325.17.

Public Storage Dividend Announcement

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

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.