New York Life Investment Management LLC Buys 66 Shares of Public Storage (NYSE:PSA)

New York Life Investment Management LLC grew its stake in shares of Public Storage (NYSE:PSA) by 0.3% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 23,390 shares of the real estate investment trust’s stock after purchasing an additional 66 shares during the quarter. New York Life Investment Management LLC’s holdings in Public Storage were worth $7,004,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Quent Capital LLC raised its position in shares of Public Storage by 135.1% during the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 50 shares during the last quarter. Prospera Private Wealth LLC bought a new stake in shares of Public Storage during the third quarter valued at approximately $34,000. Ashton Thomas Securities LLC bought a new stake in shares of Public Storage during the third quarter valued at approximately $38,000. Synergy Asset Management LLC bought a new stake in shares of Public Storage during the fourth quarter valued at approximately $38,000. Finally, Harbor Capital Advisors Inc. bought a new stake in shares of Public Storage during the third quarter valued at approximately $55,000. Institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PSA shares. Wells Fargo & Company cut their target price on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Truist Financial raised their target price 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. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and raised their target price for the company from $298.00 to $299.00 in a report on Friday, January 10th. Royal Bank of Canada cut their target price on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a report on Wednesday. Finally, Barclays cut their target price on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Seven analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $340.69.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 450 shares of the business’s 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 completion of the sale, the insider now directly owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 11.00% of the company’s stock.

Public Storage Stock Down 0.7 %

NYSE PSA opened at $303.46 on Friday. 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 company has a fifty day moving average of $298.29 and a two-hundred day moving average of $325.09. The firm has a market capitalization of $53.14 billion, a price-to-earnings ratio of 31.51, a PEG ratio of 4.91 and a beta of 0.74. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.95%. The ex-dividend date is Thursday, March 13th. Public Storage’s dividend payout ratio is currently 112.89%.

Public Storage Company 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.