HighTower Advisors LLC Grows Stake in Public Storage (NYSE:PSA)

HighTower Advisors LLC grew its position in shares of Public Storage (NYSE:PSA) by 1.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 355,175 shares of the real estate investment trust’s stock after purchasing an additional 5,512 shares during the period. HighTower Advisors LLC owned approximately 0.20% of Public Storage worth $106,354,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in PSA. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in 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 acquiring an additional 1,358,493 shares in the last quarter. Adelante Capital Management LLC grew its position in 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 acquiring an additional 1,164,630 shares in the last quarter. FMR LLC grew its position in 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 acquiring an additional 869,066 shares in the last quarter. Daiwa Securities Group Inc. grew its position in 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 acquiring an additional 405,847 shares in the last quarter. Finally, Amundi grew its position in Public Storage by 54.0% in the fourth quarter. Amundi now owns 779,882 shares of the real estate investment trust’s stock worth $230,426,000 after acquiring an additional 273,486 shares in the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 450 shares of the company’s 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 directly owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 11.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PSA. Scotiabank cut their target price on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research report on Wednesday, March 5th. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and upped their target price for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Royal Bank of Canada lowered their price target on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 26th. Barclays reissued an “overweight” rating and issued a $354.00 price target (down from $361.00) on shares of Public Storage in a research note on Wednesday. Finally, Truist Financial boosted their price target on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. Seven investment analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $339.69.

Public Storage Stock Performance

Shares of NYSE:PSA opened at $303.39 on Thursday. The company has a market cap of $53.22 billion, a price-to-earnings ratio of 31.50, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. The company has a 50-day moving average price of $299.92 and a 200-day moving average price of $324.23. 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 12 month low of $256.31 and a 12 month high of $369.99.

Public Storage Announces Dividend

The company also recently disclosed 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 annualized dividend and a dividend yield of 3.96%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is 112.89%.

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.