Public Storage (NYSE:PSA) Shares Purchased by Eagle Ridge Investment Management

Eagle Ridge Investment Management boosted its position in shares of Public Storage (NYSE:PSA) by 25.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 76,933 shares of the real estate investment trust’s stock after buying an additional 15,449 shares during the quarter. Public Storage makes up 2.1% of Eagle Ridge Investment Management’s holdings, making the stock its 18th biggest position. Eagle Ridge Investment Management’s holdings in Public Storage were worth $22,315,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. AdvisorNet Financial Inc grew its position in shares of 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 during the period. Gryphon Financial Partners LLC boosted its position in Public Storage by 2.5% during the fourth quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock worth $476,000 after purchasing an additional 38 shares in the last quarter. Signet Financial Management LLC boosted its position in Public Storage by 2.1% during the first quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust’s stock worth $555,000 after purchasing an additional 39 shares in the last quarter. Brookstone Capital Management grew its holdings in Public Storage by 3.4% in the first quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock valued at $354,000 after purchasing an additional 40 shares during the period. Finally, RB Capital Management LLC increased its position in shares of Public Storage by 1.1% in the third quarter. RB Capital Management LLC now owns 3,978 shares of the real estate investment trust’s stock valued at $1,048,000 after buying an additional 43 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Insiders Place Their Bets

In related news, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the sale, the insider now owns 3,214 shares of the company’s stock, valued at $881,568.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Public Storage news, Director Kristy Pipes bought 2,149 shares of Public Storage stock in a transaction on Tuesday, May 14th. The shares were bought at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the transaction, the director now directly owns 2,149 shares of the company’s stock, valued at $599,485.04. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following the transaction, the insider now owns 3,214 shares of the company’s stock, valued at $881,568.06. The disclosure for this sale can be found here. 11.10% of the stock is currently owned by corporate insiders.

Public Storage Price Performance

PSA traded up $2.26 during trading on Tuesday, reaching $285.39. The company’s stock had a trading volume of 626,445 shares, compared to its average volume of 725,684. The company has a market cap of $50.15 billion, a price-to-earnings ratio of 25.88, a PEG ratio of 4.02 and a beta of 0.65. The firm has a fifty day simple moving average of $276.62 and a two-hundred day simple moving average of $282.80. Public Storage has a 1 year low of $233.18 and a 1 year high of $312.25. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Wednesday, June 12th were given a dividend of $3.00 per share. The ex-dividend date of this dividend was Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.20%. Public Storage’s payout ratio is 108.99%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PSA. BMO Capital Markets lifted their price target on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $280.00 to $310.00 in a research report on Friday, April 5th. Scotiabank upped their price target 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. Barclays lowered their price objective on Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a report on Monday, May 20th. Finally, Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price for the company in a report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $303.00.

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.