Perpetual Ltd Buys 4,015 Shares of Public Storage (NYSE:PSA)

Perpetual Ltd boosted its position in Public Storage (NYSE:PSA) by 4.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 99,473 shares of the real estate investment trust’s stock after acquiring an additional 4,015 shares during the period. Perpetual Ltd’s holdings in Public Storage were worth $29,786,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of PSA. Prospera Private Wealth LLC bought a new position in shares of Public Storage during the 3rd quarter worth approximately $34,000. Ashton Thomas Securities LLC purchased a new stake in shares of Public Storage during the 3rd quarter valued at $38,000. Compagnie Lombard Odier SCmA acquired a new stake in shares of Public Storage in the 3rd quarter worth $50,000. Harbor Capital Advisors Inc. purchased a new position in Public Storage during the 3rd quarter worth $55,000. Finally, Versant Capital Management Inc increased its position in Public Storage by 301.7% during the 4th quarter. Versant Capital Management Inc now owns 237 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 178 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the stock in a transaction dated Friday, December 13th. The shares were 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 of the company’s stock, valued at $751,728.36. This trade represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 11.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PSA. Barclays dropped their price target on Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and boosted their target price for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Truist Financial raised their price target on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Morgan Stanley boosted their price objective on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Evercore ISI dropped their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. 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. According to MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and an average target price of $344.54.

Public Storage Trading Down 0.5 %

Shares of PSA stock opened at $296.25 on Tuesday. 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 market cap of $51.88 billion, a price-to-earnings ratio of 30.76, a PEG ratio of 4.77 and a beta of 0.74. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. The stock has a 50 day simple moving average of $316.96 and a 200-day simple moving average of $325.90.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.05%. The ex-dividend date was Friday, December 13th. Public Storage’s dividend payout ratio is currently 124.61%.

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.