SPC Financial Inc. Buys 793 Shares of Public Storage (NYSE:PSA)

SPC Financial Inc. grew its stake in Public Storage (NYSE:PSA) by 60.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,102 shares of the real estate investment trust’s stock after acquiring an additional 793 shares during the period. SPC Financial Inc.’s holdings in Public Storage were worth $629,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in Public Storage by 5.0% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust’s stock worth $16,089,000 after acquiring an additional 2,566 shares in the last quarter. Larson Financial Group LLC lifted its position in shares of Public Storage by 3,714.6% in the 3rd quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust’s stock worth $666,000 after purchasing an additional 1,783 shares during the period. Capital Investment Advisors LLC lifted its position in shares of Public Storage by 25.4% in the 4th quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust’s stock worth $8,566,000 after purchasing an additional 5,793 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in shares of Public Storage by 114.2% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust’s stock worth $33,302,000 after purchasing an additional 48,803 shares during the period. Finally, Swedbank AB lifted its position in shares of Public Storage by 31.9% in the 3rd quarter. Swedbank AB now owns 154,167 shares of the real estate investment trust’s stock worth $56,097,000 after purchasing an additional 37,285 shares during the period. 78.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PSA has been the subject of several research reports. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and upped their price target for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Wells Fargo & Company lowered their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Royal Bank of Canada lowered their price target on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 26th. Scotiabank lowered their price target on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research report on Wednesday. Finally, Truist Financial increased their target price on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Seven equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $340.23.

Insiders Place Their Bets

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction 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 approximately $751,728.36. This trade represents a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 11.00% of the company’s stock.

Public Storage Trading Up 1.8 %

NYSE PSA opened at $311.58 on Thursday. The company has a fifty day simple moving average of $298.85 and a two-hundred day simple moving average of $324.95. The stock has a market cap of $54.66 billion, a P/E ratio of 32.35, a P/E/G ratio of 4.91 and a beta of 0.74. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.85%. Public Storage’s dividend payout ratio is currently 112.89%.

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.