1832 Asset Management L.P. Has $20.51 Million Stock Position in Public Storage (NYSE:PSA)

1832 Asset Management L.P. reduced its holdings in Public Storage (NYSE:PSA) by 3.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 70,694 shares of the real estate investment trust’s stock after selling 2,680 shares during the quarter. 1832 Asset Management L.P.’s holdings in Public Storage were worth $20,506,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in PSA. HB Wealth Management LLC bought a new stake in Public Storage in the fourth quarter worth approximately $429,000. Raymond James & Associates increased its holdings in Public Storage by 4.3% in the fourth quarter. Raymond James & Associates now owns 114,482 shares of the real estate investment trust’s stock worth $34,917,000 after purchasing an additional 4,695 shares in the last quarter. CVA Family Office LLC bought a new stake in Public Storage in the fourth quarter worth approximately $52,000. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Public Storage by 2.2% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 56,867 shares of the real estate investment trust’s stock valued at $17,344,000 after acquiring an additional 1,211 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC bought a new stake in shares of Public Storage during the fourth quarter valued at approximately $507,000. 78.79% of the stock is currently owned by institutional investors.

Insider Activity at Public Storage

In other Public Storage news, Director Kristy Pipes bought 2,149 shares of the firm’s stock in a transaction on Tuesday, May 14th. The shares were acquired at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the purchase, the director now directly owns 2,149 shares of the company’s stock, valued at $599,485.04. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Kristy Pipes acquired 2,149 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was purchased at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the acquisition, the director now owns 2,149 shares of the company’s stock, valued at $599,485.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the transaction, the insider now owns 3,214 shares of the company’s stock, valued at $881,568.06. The disclosure for this sale can be found here. 11.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PSA. Wells Fargo & Company boosted their price objective on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a report on Friday. Scotiabank boosted their price objective on Public Storage from $289.00 to $314.00 and gave the company a “sector perform” rating in a report on Friday, July 19th. Evercore ISI lifted their target price on Public Storage from $289.00 to $300.00 and gave the company an “in-line” rating in a research report on Monday, July 15th. Finally, Barclays cut their target price on Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research report on Monday, May 20th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Public Storage has an average rating of “Moderate Buy” and a consensus target price of $310.55.

Public Storage Stock Performance

PSA stock traded up $5.82 during midday trading on Friday, hitting $300.74. The company’s stock had a trading volume of 368,091 shares, compared to its average volume of 634,555. Public Storage has a 1 year low of $233.18 and a 1 year high of $314.93. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. The stock’s 50-day moving average price is $286.65 and its 200 day moving average price is $282.51. The stock has a market cap of $52.85 billion, a price-to-earnings ratio of 27.32, a PEG ratio of 4.38 and a beta of 0.65.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Wednesday, June 12th were paid a dividend of $3.00 per share. The ex-dividend date of this dividend was Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.99%. Public Storage’s payout ratio is 108.99%.

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.