Pacer Advisors Inc. Sells 16,119 Shares of Public Storage (NYSE:PSA)

Pacer Advisors Inc. lowered its position in shares of Public Storage (NYSE:PSA) by 15.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 87,854 shares of the real estate investment trust’s stock after selling 16,119 shares during the period. Pacer Advisors Inc. owned approximately 0.05% of Public Storage worth $26,307,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Public Storage by 732.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock worth $561,763,000 after purchasing an additional 1,358,493 shares during the last quarter. Adelante Capital Management LLC raised its position in Public Storage by 389.9% in the 3rd quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock worth $532,465,000 after buying an additional 1,164,630 shares during the last quarter. FMR LLC lifted its stake in Public Storage by 20.9% during the 3rd quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock valued at $1,828,763,000 after acquiring an additional 869,066 shares during the period. Daiwa Securities Group Inc. boosted its holdings in shares of Public Storage by 57.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust’s stock valued at $405,278,000 after acquiring an additional 405,847 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its stake in shares of Public Storage by 80.0% in the third quarter. BNP Paribas Financial Markets now owns 218,867 shares of the real estate investment trust’s stock worth $79,639,000 after acquiring an additional 97,302 shares during the period. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on PSA shares. Wells Fargo & Company dropped their target price on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Morgan Stanley lifted their price objective on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Royal Bank of Canada lowered their target price on Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Barclays cut their price target on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Finally, Evercore ISI dropped their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Seven research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus target price of $344.54.

Public Storage Price Performance

Shares of Public Storage stock opened at $297.80 on Tuesday. The company has a market capitalization of $52.15 billion, a price-to-earnings ratio of 30.92, a PEG ratio of 4.68 and a beta of 0.74. 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 stock’s 50-day simple moving average is $312.93 and its 200-day simple moving average is $326.07. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a $3.00 dividend. The ex-dividend date was Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 4.03%. Public Storage’s payout ratio is 124.61%.

Insider Buying and Selling at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction dated 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 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 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.