Board of the Pension Protection Fund Takes Position in Public Storage (NYSE:PSA)

Board of the Pension Protection Fund bought a new stake in Public Storage (NYSE:PSA) during the 4th quarter, Holdings Channel.com reports. The fund bought 2,700 shares of the real estate investment trust’s stock, valued at approximately $808,000.

A number of other institutional investors have also modified their holdings of PSA. Oppenheimer & Co. Inc. grew its holdings in Public Storage by 5.7% in the second quarter. Oppenheimer & Co. Inc. now owns 8,217 shares of the real estate investment trust’s stock worth $2,364,000 after purchasing an additional 445 shares during the last quarter. Wealthspire Advisors LLC boosted its position in shares of Public Storage by 24.6% in the 2nd quarter. Wealthspire Advisors LLC now owns 1,116 shares of the real estate investment trust’s stock worth $321,000 after purchasing an additional 220 shares in the last quarter. Oppenheimer Asset Management Inc. grew its stake in Public Storage by 0.9% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 5,578 shares of the real estate investment trust’s stock worth $1,605,000 after buying an additional 48 shares during the last quarter. Envestnet Asset Management Inc. increased its position in Public Storage by 8.9% during the 2nd quarter. Envestnet Asset Management Inc. now owns 160,997 shares of the real estate investment trust’s stock valued at $46,311,000 after buying an additional 13,142 shares in the last quarter. Finally, J.W. Cole Advisors Inc. raised its stake in Public Storage by 3.4% in the second quarter. J.W. Cole Advisors Inc. now owns 1,956 shares of the real estate investment trust’s stock valued at $563,000 after buying an additional 65 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors.

Public Storage Stock Down 0.0 %

Shares of PSA opened at $290.15 on Wednesday. The company has a market capitalization of $50.81 billion, a price-to-earnings ratio of 30.13, a PEG ratio of 5.29 and a beta of 0.74. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99. The stock’s 50-day moving average price is $319.23 and its 200-day moving average price is $325.70. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were paid a dividend of $3.00 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.14%. Public Storage’s payout ratio is 124.61%.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction 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 sale, the insider now owns 2,364 shares in the company, valued at approximately $751,728.36. This trade represents a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 11.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PSA. Morgan Stanley boosted their price target on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Royal Bank of Canada dropped their target price on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Wells Fargo & Company decreased their price target on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Evercore ISI dropped their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Finally, Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and upped their target price for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Seven 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 company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $344.54.

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.