Entropy Technologies LP Takes Position in Public Storage (NYSE:PSA)

Entropy Technologies LP acquired a new stake in Public Storage (NYSE:PSA) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 5,884 shares of the real estate investment trust’s stock, valued at approximately $1,707,000.

Other hedge funds also recently bought and sold shares of the company. Dfpg Investments LLC lifted its holdings in shares of Public Storage by 119.2% in the 4th quarter. Dfpg Investments LLC now owns 3,465 shares of the real estate investment trust’s stock worth $1,050,000 after buying an additional 1,884 shares during the period. Nordea Investment Management AB lifted its stake in shares of Public Storage by 9.7% during the 4th quarter. Nordea Investment Management AB now owns 17,608 shares of the real estate investment trust’s stock worth $5,405,000 after purchasing an additional 1,557 shares during the last quarter. Sound Income Strategies LLC lifted its stake in shares of Public Storage by 203.4% during the 4th quarter. Sound Income Strategies LLC now owns 440 shares of the real estate investment trust’s stock worth $134,000 after purchasing an additional 295 shares during the last quarter. Marshall Financial Group LLC lifted its stake in shares of Public Storage by 11.6% during the 4th quarter. Marshall Financial Group LLC now owns 7,266 shares of the real estate investment trust’s stock worth $2,216,000 after purchasing an additional 757 shares during the last quarter. Finally, Whitener Capital Management Inc. lifted its stake in shares of Public Storage by 45.3% during the 4th quarter. Whitener Capital Management Inc. now owns 1,206 shares of the real estate investment trust’s stock worth $368,000 after purchasing an additional 376 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Up 1.3 %

Shares of NYSE:PSA traded up $4.12 during trading hours on Thursday, reaching $314.10. The stock had a trading volume of 103,660 shares, compared to its average volume of 708,504. Public Storage has a 1 year low of $233.18 and a 1 year high of $314.93. The firm’s 50 day moving average is $284.00 and its 200-day moving average is $282.59. The stock has a market capitalization of $55.20 billion, a price-to-earnings ratio of 28.16, a P/E/G ratio of 4.45 and a beta of 0.65. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.54 and a current ratio of 0.54.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th were issued a $3.00 dividend. The ex-dividend date was Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.82%. Public Storage’s payout ratio is 108.99%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PSA shares. Wells Fargo & Company upgraded Public Storage from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $280.00 to $310.00 in a research note on Friday, April 5th. Evercore ISI increased their price objective on Public Storage from $289.00 to $300.00 and gave the company an “in-line” rating in a report on Monday. Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price on the stock in a report on Thursday, March 28th. Finally, Barclays dropped their price objective on Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a report on Monday, May 20th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $305.64.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction on Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the sale, the insider now directly owns 3,214 shares in the company, valued at approximately $881,568.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Kristy Pipes acquired 2,149 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were purchased at an average price of $278.96 per share, with a total value of $599,485.04. Following the completion of the acquisition, the director now owns 2,149 shares in the company, valued at $599,485.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the sale, 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. Company insiders own 11.00% of the company’s stock.

About Public Storage

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.