Scarborough Advisors LLC Makes New Investment in Public Storage (NYSE:PSA)

Scarborough Advisors LLC acquired a new stake in shares of Public Storage (NYSE:PSA) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 254 shares of the real estate investment trust’s stock, valued at approximately $78,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its holdings in shares of Public Storage by 107.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 44 shares during the last quarter. Core Wealth Advisors Inc. purchased a new position in Public Storage in the 4th quarter worth $30,000. Private Ocean LLC lifted its position in Public Storage by 5,450.0% during the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 109 shares during the period. EdgeRock Capital LLC purchased a new stake in Public Storage during the 4th quarter valued at about $32,000. Finally, Centerpoint Advisors LLC acquired a new position in shares of Public Storage in the fourth quarter valued at about $35,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Public Storage

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

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PSA. Scotiabank upped their target price on Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research report on Monday, March 18th. Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $280.00 to $310.00 in a report on Friday, April 5th. Barclays reduced their target price on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a report on Monday, May 20th. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target on the stock in a report on Thursday, March 28th. Finally, BMO Capital Markets lifted their price objective on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $303.00.

Public Storage Stock Up 0.2 %

Public Storage stock opened at $283.80 on Tuesday. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25. The stock has a market capitalization of $49.87 billion, a PE ratio of 25.78, a price-to-earnings-growth ratio of 3.96 and a beta of 0.63. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.54. The business has a 50 day simple moving average of $272.52 and a 200-day simple moving average of $281.75.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.23%. The ex-dividend date is Wednesday, June 12th. Public Storage’s dividend payout ratio is presently 108.99%.

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.