Cornerstone Advisory LLC Increases Position in Public Storage (NYSE:PSA)

Cornerstone Advisory LLC increased its stake in Public Storage (NYSE:PSA) by 7.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,557 shares of the real estate investment trust’s stock after purchasing an additional 111 shares during the quarter. Cornerstone Advisory LLC’s holdings in Public Storage were worth $475,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. AdvisorNet Financial Inc increased its holdings in Public Storage by 3.2% during the 4th quarter. AdvisorNet Financial Inc now owns 1,139 shares of the real estate investment trust’s stock valued at $347,000 after acquiring an additional 35 shares in the last quarter. Gryphon Financial Partners LLC increased its holdings in Public Storage by 2.5% during the 4th quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock valued at $476,000 after acquiring an additional 38 shares in the last quarter. Wealth Alliance increased its holdings in Public Storage by 5.3% during the 3rd quarter. Wealth Alliance now owns 847 shares of the real estate investment trust’s stock valued at $223,000 after acquiring an additional 43 shares in the last quarter. RB Capital Management LLC grew its holdings in shares of Public Storage by 1.1% during the third quarter. RB Capital Management LLC now owns 3,978 shares of the real estate investment trust’s stock worth $1,048,000 after buying an additional 43 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Public Storage by 107.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 44 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Insider Transactions at Public Storage

In related news, Director Kristy Pipes bought 2,149 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was bought at an average price of $278.96 per share, with a total value of $599,485.04. Following the transaction, the director now owns 2,149 shares of the company’s stock, valued at $599,485.04. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 11.10% of the company’s stock.

Public Storage Stock Up 0.2 %

Public Storage stock traded up $0.56 during midday trading on Monday, hitting $274.39. 471,624 shares of the stock were exchanged, compared to its average volume of 710,163. Public Storage has a 1 year low of $233.18 and a 1 year high of $312.25. The firm has a market cap of $48.22 billion, a P/E ratio of 24.87, a P/E/G ratio of 3.82 and a beta of 0.63. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.54. The company has a 50 day moving average price of $273.83 and a two-hundred day moving average price of $280.14.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Wednesday, June 12th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.37%. The ex-dividend date is Wednesday, June 12th. Public Storage’s dividend payout ratio (DPR) is 108.99%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. BMO Capital Markets lifted their price target on shares of Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a report on Tuesday, March 19th. Raymond James upgraded shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target for the company in a report on Thursday, March 28th. Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $280.00 to $310.00 in a research report on Friday, April 5th. Barclays decreased their price target on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a report on Monday, May 20th. Finally, Scotiabank increased their target price on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research report on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and an average target price of $304.75.

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.