Chatham Capital Group Inc. Reduces Holdings in Public Storage (NYSE:PSA)

Chatham Capital Group Inc. lessened its position in shares of Public Storage (NYSE:PSA) by 1.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,425 shares of the real estate investment trust’s stock after selling 190 shares during the period. Chatham Capital Group Inc.’s holdings in Public Storage were worth $3,122,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Candriam S.C.A. lifted its position in shares of Public Storage by 18.9% during the 4th quarter. Candriam S.C.A. now owns 17,238 shares of the real estate investment trust’s stock valued at $5,162,000 after buying an additional 2,737 shares during the last quarter. Vestmark Advisory Solutions Inc. lifted its position in shares of Public Storage by 17.3% during the 4th quarter. Vestmark Advisory Solutions Inc. now owns 2,126 shares of the real estate investment trust’s stock valued at $637,000 after buying an additional 314 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Public Storage during the 4th quarter valued at $56,164,000. Cullen Frost Bankers Inc. lifted its position in shares of Public Storage by 7.1% during the 4th quarter. Cullen Frost Bankers Inc. now owns 29,256 shares of the real estate investment trust’s stock valued at $8,760,000 after buying an additional 1,929 shares during the last quarter. Finally, Proficio Capital Partners LLC purchased a new stake in Public Storage during the 4th quarter worth about $221,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Royal Bank of Canada dropped their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. Scotiabank dropped their price objective on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a report on Wednesday. Barclays dropped their price objective on Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. Truist Financial increased their price objective on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Finally, Wells Fargo & Company dropped their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Seven research analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and a consensus target price of $340.23.

Public Storage Stock Performance

Shares of NYSE PSA opened at $308.48 on Friday. The stock has a market cap of $54.11 billion, a price-to-earnings ratio of 32.03, a P/E/G ratio of 4.91 and a beta of 0.74. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. The stock’s 50-day moving average is $298.99 and its 200 day moving average is $324.83.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be issued a dividend of $3.00 per share. The ex-dividend date is Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.89%. Public Storage’s dividend payout ratio is 112.89%.

Insider Activity at Public Storage

In related 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 transaction, the insider now directly 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 sale was disclosed in a filing with the SEC, which is accessible through this link. 11.00% of the stock is currently owned by 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.