Public Storage (NYSE:PSA) Shares Purchased by Whitener Capital Management Inc.

Whitener Capital Management Inc. raised its stake in Public Storage (NYSE:PSA) by 3.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,485 shares of the real estate investment trust’s stock after acquiring an additional 49 shares during the quarter. Whitener Capital Management Inc.’s holdings in Public Storage were worth $445,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Envestnet Asset Management Inc. increased its holdings in Public Storage by 8.9% in the second quarter. Envestnet Asset Management Inc. now owns 160,997 shares of the real estate investment trust’s stock valued at $46,311,000 after buying an additional 13,142 shares in the last quarter. Edgestream Partners L.P. purchased a new position in shares of Public Storage in the 2nd quarter valued at about $1,889,000. Mercer Global Advisors Inc. ADV raised its holdings in Public Storage by 2.7% in the 2nd 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 during the period. Meiji Yasuda Asset Management Co Ltd. grew its holdings in Public Storage by 6.5% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,112 shares of the real estate investment trust’s stock valued at $1,183,000 after purchasing an additional 252 shares during the period. Finally, Vanguard Personalized Indexing Management LLC increased its position in shares of Public Storage by 9.5% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 10,154 shares of the real estate investment trust’s stock valued at $2,903,000 after buying an additional 882 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Price Performance

Public Storage stock opened at $296.25 on Friday. The company’s 50 day simple moving average is $317.82 and its 200-day simple moving average is $325.26. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99. The company has a market capitalization of $51.88 billion, a price-to-earnings ratio of 30.76, a price-to-earnings-growth ratio of 4.65 and a beta of 0.74.

Public Storage Announces Dividend

The company also recently declared 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 4.05%. The ex-dividend date of this dividend was Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is 124.61%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Royal Bank of Canada cut their price target on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and raised their price target for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Barclays cut their price objective on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. 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 research report on Wednesday, October 2nd. Finally, Wells Fargo & Company dropped their price target on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Seven research analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $344.54.

Insider Transactions at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the completion of the transaction, the insider now owns 2,364 shares of the company’s stock, valued at $751,728.36. This trade represents a 15.99 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 11.10% of the company’s stock.

Public Storage 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.