Kentucky Retirement Systems Insurance Trust Fund Has $1.52 Million Stake in Public Storage (NYSE:PSA)

Kentucky Retirement Systems Insurance Trust Fund reduced its position in Public Storage (NYSE:PSA) by 7.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,222 shares of the real estate investment trust’s stock after selling 416 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Public Storage were worth $1,515,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Public Storage by 1.0% in the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock valued at $6,075,681,000 after buying an additional 217,487 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Public Storage by 4.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after acquiring an additional 219,391 shares during the period. Norges Bank acquired a new position in shares of Public Storage during the 4th quarter valued at $821,151,000. Charles Schwab Investment Management Inc. grew its holdings in Public Storage by 8.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,687,170 shares of the real estate investment trust’s stock worth $794,161,000 after purchasing an additional 216,331 shares during the period. Finally, APG Asset Management US Inc. grew its holdings in Public Storage by 4.7% in the fourth quarter. APG Asset Management US Inc. now owns 2,074,617 shares of the real estate investment trust’s stock worth $632,758,000 after purchasing an additional 93,122 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Public Storage Stock Up 2.0 %

Public Storage stock traded up $5.82 during trading on Friday, hitting $300.74. 368,091 shares of the company were exchanged, compared to its average volume of 634,555. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.59. The business’s 50 day moving average is $286.65 and its 200 day moving average is $282.51. Public Storage has a 52 week low of $233.18 and a 52 week high of $314.93. The company has a market capitalization of $52.85 billion, a P/E ratio of 27.32, a PEG ratio of 4.38 and a beta of 0.65.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th were issued a $3.00 dividend. The ex-dividend date was Wednesday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 3.99%. Public Storage’s dividend payout ratio is currently 108.99%.

Insider Activity at Public Storage

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

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.