Aviance Capital Partners LLC Raises Position in Public Storage (NYSE:PSA)

Aviance Capital Partners LLC lifted its stake in Public Storage (NYSE:PSA) by 16.4% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 710 shares of the real estate investment trust’s stock after acquiring an additional 100 shares during the quarter. Aviance Capital Partners LLC’s holdings in Public Storage were worth $213,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of PSA. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position 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 buying an additional 1,358,493 shares during the period. Adelante Capital Management LLC boosted its position in shares of Public Storage by 389.9% in the third 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 period. FMR LLC boosted its position in shares of Public Storage by 20.9% in the third quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock worth $1,828,763,000 after buying an additional 869,066 shares during the period. Daiwa Securities Group Inc. boosted its position in shares of Public Storage by 57.3% in the third quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust’s stock worth $405,278,000 after buying an additional 405,847 shares during the period. Finally, Aew Capital Management L P boosted its position in shares of Public Storage by 108.6% in the fourth quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust’s stock worth $131,574,000 after buying an additional 228,740 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Trading Up 1.8 %

NYSE:PSA opened at $313.99 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 business’s 50 day moving average is $299.31 and its two-hundred day moving average is $324.76. The company has a market cap of $55.08 billion, a PE ratio of 32.61, a P/E/G ratio of 4.91 and a beta of 0.73. 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 declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date is Thursday, March 13th. Public Storage’s payout ratio is 112.89%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on PSA shares. Scotiabank reduced their price target on Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a report on Wednesday. Royal Bank of Canada reduced their price target on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a report on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and increased their price target for the company from $298.00 to $299.00 in a report on Friday, January 10th. Wells Fargo & Company reduced their price target on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Finally, Truist Financial increased their price target on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Seven investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $340.23.

Insider Transactions at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $317.99, for a total transaction of $143,095.50. Following the sale, the insider now directly owns 2,364 shares in the company, valued at approximately $751,728.36. This represents a 15.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 11.00% of the company’s stock.

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.