Mutual Advisors LLC Decreases Stake in Public Storage (NYSE:PSA)

Mutual Advisors LLC lessened its holdings in Public Storage (NYSE:PSA) by 3.6% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 4,171 shares of the real estate investment trust’s stock after selling 156 shares during the quarter. Mutual Advisors LLC’s holdings in Public Storage were worth $1,242,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of the business. EverSource Wealth Advisors LLC grew its stake in Public Storage by 122.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 267 shares of the real estate investment trust’s stock valued at $79,000 after purchasing an additional 147 shares during the period. MBB Public Markets I LLC purchased a new stake in Public Storage during the second quarter worth about $3,296,000. NewEdge Advisors LLC raised its position in Public Storage by 12.7% in the second quarter. NewEdge Advisors LLC now owns 136,923 shares of the real estate investment trust’s stock worth $39,386,000 after acquiring an additional 15,459 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in Public Storage by 61.7% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 18,584 shares of the real estate investment trust’s stock valued at $5,346,000 after acquiring an additional 7,090 shares during the last quarter. Finally, Wellington Wealth Strategies LLC. bought a new position in shares of Public Storage during the 2nd quarter valued at approximately $411,000. 78.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Wells Fargo & Company lowered their price target on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Barclays lowered their target price on Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Morgan Stanley lifted their price objective on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Evercore ISI dropped their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and lifted their target price for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Seven investment 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. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $344.54.

Insider Transactions at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $317.99, for a total transaction of $143,095.50. Following the transaction, the insider now directly owns 2,364 shares in the company, valued at $751,728.36. This trade represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 11.00% of the stock is currently owned by insiders.

Public Storage Trading Up 0.2 %

Shares of PSA stock opened at $292.04 on Friday. The business’s fifty day moving average is $312.93 and its 200 day moving average is $325.54. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The company has a market capitalization of $51.14 billion, a PE ratio of 30.33, a price-to-earnings-growth ratio of 4.68 and a beta of 0.74. 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 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were given a dividend of $3.00 per share. The ex-dividend date was Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 4.11%. Public Storage’s payout ratio is presently 124.61%.

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.