Inspire Investing LLC Cuts Stake in Public Storage (NYSE:PSA)

Inspire Investing LLC reduced its position in shares of Public Storage (NYSE:PSA) by 6.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,929 shares of the real estate investment trust’s stock after selling 292 shares during the quarter. Inspire Investing LLC’s holdings in Public Storage were worth $1,177,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Allspring Global Investments Holdings LLC increased its position in shares of Public Storage by 1.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock valued at $51,762,000 after acquiring an additional 2,605 shares in the last quarter. Capital Investment Advisors LLC increased its holdings in shares of Public Storage by 25.4% in the 4th quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust’s stock worth $8,566,000 after purchasing an additional 5,793 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in shares of Public Storage by 114.2% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust’s stock worth $33,302,000 after purchasing an additional 48,803 shares during the last quarter. Larson Financial Group LLC lifted its holdings in shares of Public Storage by 3,714.6% during the third quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust’s stock valued at $666,000 after purchasing an additional 1,783 shares in the last quarter. Finally, Handelsbanken Fonder AB boosted its position in shares of Public Storage by 4.1% during the third quarter. Handelsbanken Fonder AB now owns 72,741 shares of the real estate investment trust’s stock valued at $26,468,000 after buying an additional 2,832 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PSA has been the topic of several research analyst reports. Wells Fargo & Company lowered their target price on shares of 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 increased their price objective on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Morgan Stanley lifted their target price on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and increased their price target for the company from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Barclays cut their price objective on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Seven analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $344.54.

Public Storage Stock Up 0.2 %

NYSE PSA opened at $291.23 on Friday. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The company has a market capitalization of $51.00 billion, a P/E ratio of 30.24, a price-to-earnings-growth ratio of 4.68 and a beta of 0.74. The stock’s 50-day moving average price is $314.60 and its 200-day moving average price is $325.77.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date of this dividend was Friday, December 13th. Public Storage’s payout ratio is 124.61%.

Insider Buying and Selling at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $317.99, for a total value of $143,095.50. Following the completion of the sale, the insider now owns 2,364 shares in the company, valued at approximately $751,728.36. This represents a 15.99 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 11.00% of the company’s stock.

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.