First Affirmative Financial Network Boosts Stock Position in Public Storage (NYSE:PSA)

First Affirmative Financial Network boosted its stake in shares of Public Storage (NYSE:PSA) by 14.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 896 shares of the real estate investment trust’s stock after purchasing an additional 113 shares during the quarter. First Affirmative Financial Network’s holdings in Public Storage were worth $260,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Integrated Wealth Concepts LLC increased its holdings in shares of Public Storage by 16.1% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 9,741 shares of the real estate investment trust’s stock valued at $2,567,000 after acquiring an additional 1,349 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Public Storage by 8.0% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 123,852 shares of the real estate investment trust’s stock valued at $32,638,000 after buying an additional 9,223 shares during the period. Gold Investment Management Ltd. purchased a new position in Public Storage in the 4th quarter valued at approximately $849,000. Raymond James & Associates increased its stake in Public Storage by 4.3% in the 4th quarter. Raymond James & Associates now owns 114,482 shares of the real estate investment trust’s stock valued at $34,917,000 after purchasing an additional 4,695 shares in the last quarter. Finally, Ellsworth Advisors LLC increased its position in Public Storage by 615.7% during the fourth quarter. Ellsworth Advisors LLC now owns 19,803 shares of the real estate investment trust’s stock worth $6,040,000 after buying an additional 17,036 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

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

Public Storage Stock Down 0.3 %

Shares of PSA opened at $291.05 on Friday. The firm’s 50-day simple moving average is $273.51 and its 200 day simple moving average is $282.31. Public Storage has a 52 week low of $233.18 and a 52 week high of $312.25. The firm has a market cap of $51.15 billion, a P/E ratio of 26.44, a price-to-earnings-growth ratio of 4.08 and a beta of 0.63. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.54 and a current ratio of 0.54.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.12%. The ex-dividend date of this dividend is Wednesday, June 12th. Public Storage’s payout ratio is currently 108.99%.

Insider Buying and Selling

In other news, insider Nathaniel A. Vitan sold 400 shares of Public Storage 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 transaction, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Kristy Pipes acquired 2,149 shares of the firm’s 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 acquisition, the director now owns 2,149 shares of the company’s stock, valued at $599,485.04. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction 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 transaction, the insider now owns 3,214 shares of the company’s stock, valued at $881,568.06. The disclosure for this sale can be found here. 11.00% of the stock is owned by insiders.

Public Storage Company 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.