Procyon Advisors LLC Raises Holdings in Public Storage (NYSE:PSA)

Procyon Advisors LLC boosted its stake in shares of Public Storage (NYSE:PSA) by 1.5% in the 4th quarter, Holdings Channel reports. The fund owned 8,359 shares of the real estate investment trust’s stock after buying an additional 120 shares during the period. Procyon Advisors LLC’s holdings in Public Storage were worth $2,503,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Oppenheimer Asset Management Inc. lifted its stake in shares of Public Storage by 0.9% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 5,578 shares of the real estate investment trust’s stock valued at $1,605,000 after purchasing an additional 48 shares during the period. Envestnet Asset Management Inc. grew its stake in Public Storage by 8.9% in 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 acquiring an additional 13,142 shares during the period. Renaissance Technologies LLC lifted its holdings in Public Storage by 41.8% during the second quarter. Renaissance Technologies LLC now owns 134,300 shares of the real estate investment trust’s stock valued at $38,631,000 after purchasing an additional 39,566 shares in the last quarter. Edgestream Partners L.P. acquired a new stake in shares of Public Storage in the second quarter valued at about $1,889,000. Finally, Mercer Global Advisors Inc. ADV increased its stake in shares of Public Storage by 2.7% during the second quarter. Mercer Global Advisors Inc. ADV now owns 12,363 shares of the real estate investment trust’s stock worth $3,919,000 after purchasing an additional 325 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PSA. Barclays lowered their price target on Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a research note on Monday. Truist Financial boosted their price objective on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Morgan Stanley raised their target price on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Wells Fargo & Company cut 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. Finally, Royal Bank of Canada decreased their price objective on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Seven analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $344.54.

Insider Transactions at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of Public Storage 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 transaction, the insider now directly owns 2,364 shares in the company, valued at $751,728.36. The trade was a 15.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 11.10% of the company’s stock.

Public Storage Stock Up 2.5 %

Shares of Public Storage stock opened at $297.79 on Friday. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The business has a 50-day moving average price of $318.53 and a 200 day moving average price of $325.45. 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 firm has a market cap of $52.15 billion, a P/E ratio of 30.92, a P/E/G ratio of 4.65 and a beta of 0.74.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.03%. The ex-dividend date of this dividend was Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is 124.61%.

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.