Los Angeles Capital Management LLC Decreases Stock Holdings in Public Storage (NYSE:PSA)

Los Angeles Capital Management LLC lowered its position in shares of Public Storage (NYSE:PSA) by 21.6% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,950 shares of the real estate investment trust’s stock after selling 3,023 shares during the period. Los Angeles Capital Management LLC’s holdings in Public Storage were worth $3,176,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. AdvisorNet Financial Inc boosted its holdings in shares of Public Storage by 3.2% during the fourth quarter. AdvisorNet Financial Inc now owns 1,139 shares of the real estate investment trust’s stock worth $347,000 after purchasing an additional 35 shares during the period. Gryphon Financial Partners LLC grew its position in shares of Public Storage by 2.5% in the 4th quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock worth $476,000 after buying an additional 38 shares during the last quarter. RB Capital Management LLC increased its stake in shares of Public Storage by 1.1% during the third quarter. RB Capital Management LLC now owns 3,978 shares of the real estate investment trust’s stock valued at $1,048,000 after buying an additional 43 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Public Storage by 107.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 44 shares in the last quarter. Finally, Park Place Capital Corp lifted its stake in Public Storage by 28.0% in the fourth quarter. Park Place Capital Corp now owns 206 shares of the real estate investment trust’s stock worth $63,000 after acquiring an additional 45 shares during the period. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Up 0.2 %

Shares of NYSE:PSA opened at $292.06 on Friday. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.59. The stock has a fifty day simple moving average of $273.13 and a two-hundred day simple moving average of $282.06. 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 $51.32 billion, a price-to-earnings ratio of 26.53, a PEG ratio of 4.07 and a beta of 0.63.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.11%. The ex-dividend date is Wednesday, June 12th. Public Storage’s dividend payout ratio is presently 108.99%.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other news, Director Kristy Pipes acquired 2,149 shares of Public Storage stock in a transaction on Tuesday, May 14th. The stock was acquired at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the purchase, the director now owns 2,149 shares in the company, valued at $599,485.04. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Public Storage news, Director Kristy Pipes acquired 2,149 shares of the stock in a transaction that occurred on Tuesday, May 14th. The shares were acquired at an average cost of $278.96 per share, with a total value of $599,485.04. Following the transaction, the director now owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction on Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the sale, the insider now directly owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The disclosure for this sale can be found here. 11.00% of the stock is currently owned by company insiders.

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.