HighTower Advisors LLC Buys 5,512 Shares of Public Storage (NYSE:PSA)

HighTower Advisors LLC increased its stake in Public Storage (NYSE:PSA) by 1.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 355,175 shares of the real estate investment trust’s stock after buying an additional 5,512 shares during the period. HighTower Advisors LLC’s holdings in Public Storage were worth $106,354,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Public Storage by 5.0% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust’s stock worth $16,089,000 after purchasing an additional 2,566 shares during the period. Larson Financial Group LLC grew its holdings in Public Storage by 3,714.6% in the third quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust’s stock worth $666,000 after purchasing an additional 1,783 shares during the period. Capital Investment Advisors LLC grew its holdings in Public Storage by 25.4% in the fourth quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust’s stock worth $8,566,000 after purchasing an additional 5,793 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in Public Storage by 114.2% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust’s stock worth $33,302,000 after purchasing an additional 48,803 shares during the period. Finally, Meridian Wealth Management LLC purchased a new stake in Public Storage in the fourth quarter worth about $395,000. 78.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Barclays restated an “overweight” rating and issued a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a report on Wednesday. Royal Bank of Canada cut 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 report on Wednesday, February 26th. Wells Fargo & Company cut their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Truist Financial increased their price target on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and increased their price target for the company from $298.00 to $299.00 in a report on Friday, January 10th. Seven analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and an average price target of $339.69.

Insiders Place Their Bets

In other news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction on Friday, December 13th. The shares were sold at an average price of $317.99, for a total transaction of $143,095.50. Following the transaction, the insider now owns 2,364 shares in the company, 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 hyperlink. Insiders own 11.10% of the company’s stock.

Public Storage Trading Down 1.6 %

Shares of PSA stock opened at $303.39 on Thursday. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The firm’s 50 day moving average is $299.92 and its 200 day moving average is $324.23. The stock has a market capitalization of $53.22 billion, a P/E ratio of 31.50, a P/E/G ratio of 4.91 and a beta of 0.73.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.96%. 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.