Avanza Fonder AB Invests $3.82 Million in Public Storage (NYSE:PSA)

Avanza Fonder AB purchased a new stake in shares of Public Storage (NYSE:PSA) in the fourth quarter, Holdings Channel reports. The firm purchased 12,742 shares of the real estate investment trust’s stock, valued at approximately $3,815,000.

A number of other hedge funds have also bought and sold shares of the business. State Street Corp grew its stake in Public Storage by 0.5% in the 3rd quarter. State Street Corp now owns 10,370,658 shares of the real estate investment trust’s stock valued at $3,773,571,000 after purchasing an additional 55,123 shares during the period. FMR LLC boosted its holdings in shares of Public Storage by 20.9% in the 3rd 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 last quarter. Geode Capital Management LLC grew its position in Public Storage by 1.4% during the third quarter. Geode Capital Management LLC now owns 3,931,572 shares of the real estate investment trust’s stock valued at $1,425,941,000 after buying an additional 52,807 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Public Storage by 2.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,813,136 shares of the real estate investment trust’s stock worth $1,023,080,000 after buying an additional 54,992 shares during the last quarter. Finally, APG Asset Management US Inc. raised its position in Public Storage by 4.8% in the second quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock worth $623,485,000 after acquiring an additional 100,000 shares during the period. 78.79% of the stock is currently owned by institutional investors.

Public Storage Stock Performance

Public Storage stock opened at $296.25 on Friday. The firm’s 50 day simple moving average is $317.82 and its 200 day simple moving average is $325.26. 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 1-year low of $256.31 and a 1-year high of $369.99. The firm has a market capitalization of $51.88 billion, a PE ratio of 30.76, a price-to-earnings-growth ratio of 4.65 and a beta of 0.74.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were given a $3.00 dividend. The ex-dividend date was Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.05%. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

Wall Street Analyst Weigh In

PSA has been the subject of a number of research reports. Barclays reduced their target price on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research report on Monday, January 13th. Evercore ISI reduced their price objective on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Wells Fargo & Company lowered their target price on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Truist Financial upped their price target on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Finally, Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and lifted their price objective for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Seven research 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 stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $344.54.

Insider Activity at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $317.99, for a total value of $143,095.50. Following the sale, the insider now owns 2,364 shares of the company’s stock, valued at $751,728.36. This trade represents a 15.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 11.10% of the stock is owned by corporate 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.