Public Storage (NYSE:PSA) Stock Position Raised by Naviter Wealth LLC

Naviter Wealth LLC lifted its holdings in shares of Public Storage (NYSE:PSA) by 12.5% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 11,267 shares of the real estate investment trust’s stock after purchasing an additional 1,253 shares during the quarter. Naviter Wealth LLC’s holdings in Public Storage were worth $3,374,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of PSA. Harbor Capital Advisors Inc. bought a new stake in shares of Public Storage during the 3rd quarter valued at about $55,000. Robeco Institutional Asset Management B.V. grew its position in Public Storage by 8.2% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 10,132 shares of the real estate investment trust’s stock worth $3,687,000 after purchasing an additional 769 shares during the last quarter. Concurrent Investment Advisors LLC grew its position in Public Storage by 19.6% in the 3rd quarter. Concurrent Investment Advisors LLC now owns 5,106 shares of the real estate investment trust’s stock worth $1,858,000 after purchasing an additional 836 shares during the last quarter. M&G PLC bought a new position in Public Storage in the 3rd quarter worth about $215,000. Finally, Blake Schutter Theil Wealth Advisors LLC bought a new position in Public Storage in the 3rd quarter worth about $222,000. Institutional investors own 78.79% of the company’s stock.

Insider Activity at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of the stock in a transaction that occurred 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 $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 11.00% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. Royal Bank of Canada decreased 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 research report on Wednesday, February 26th. 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. Scotiabank decreased 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. Truist Financial increased their price objective 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. Finally, Wells Fargo & Company decreased their price objective 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. 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 company. According to MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus target price of $340.23.

Public Storage Stock Up 1.8 %

PSA stock opened at $313.99 on Friday. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The firm 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. The firm has a 50 day simple moving average of $299.31 and a 200 day simple moving average of $324.77. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors 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 yield of 3.82%. The ex-dividend date is Thursday, March 13th. Public Storage’s dividend payout ratio is presently 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.