Mutual Advisors LLC Has $1.24 Million Position in Public Storage (NYSE:PSA)

Mutual Advisors LLC cut its stake in Public Storage (NYSE:PSA) by 3.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,171 shares of the real estate investment trust’s stock after selling 156 shares during the period. Mutual Advisors LLC’s holdings in Public Storage were worth $1,242,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. State Street Corp grew its position in Public Storage by 0.5% in the third 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 in the last quarter. FMR LLC increased its position in Public Storage by 20.9% during the third 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 raised its stake in Public Storage by 1.4% in the 3rd 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 acquiring an additional 52,807 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Public Storage by 2.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,813,136 shares of the real estate investment trust’s stock valued at $1,023,080,000 after purchasing an additional 54,992 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Public Storage by 732.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock valued at $561,763,000 after acquiring an additional 1,358,493 shares during the period. 78.79% of the stock is currently owned by institutional investors.

Insider Activity at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the stock in a transaction that occurred 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 directly owns 2,364 shares of the company’s stock, valued at $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 11.00% of the stock is currently owned by insiders.

Public Storage Stock Performance

Shares of PSA stock opened at $292.04 on Friday. The company has a market cap of $51.14 billion, a price-to-earnings ratio of 30.33, a price-to-earnings-growth ratio of 4.68 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 firm has a 50 day moving average of $312.93 and a 200-day moving average of $325.54. 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 declared a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were issued a $3.00 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 4.11%. Public Storage’s payout ratio is currently 124.61%.

Wall Street Analysts Forecast Growth

PSA has been the subject of several analyst reports. Wells Fargo & Company dropped their price objective on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and increased their price target for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Evercore ISI lowered their target price on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Truist Financial increased their price target on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Finally, Barclays cut their target price on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a research report on Monday, January 13th. Seven research analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and an average price target of $344.54.

About Public Storage

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.