Riverview Trust Co Takes Position in Public Storage (NYSE:PSA)

Riverview Trust Co purchased a new stake in shares of Public Storage (NYSE:PSA) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 129 shares of the real estate investment trust’s stock, valued at approximately $37,000.

A number of other institutional investors have also recently made changes to their positions in PSA. Norges Bank purchased a new position in shares of Public Storage during the 4th quarter valued at $821,151,000. JPMorgan Chase & Co. lifted its holdings in Public Storage by 29.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock worth $835,032,000 after purchasing an additional 729,262 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in Public Storage by 555.6% during the 3rd quarter. Lazard Asset Management LLC now owns 615,154 shares of the real estate investment trust’s stock worth $162,104,000 after purchasing an additional 521,322 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Public Storage by 8.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,687,170 shares of the real estate investment trust’s stock worth $794,161,000 after purchasing an additional 216,331 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its holdings in Public Storage by 31.0% during the 4th quarter. Clearbridge Investments LLC now owns 861,028 shares of the real estate investment trust’s stock worth $262,614,000 after purchasing an additional 203,509 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of Public Storage stock opened at $289.57 on Wednesday. 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 firm has a market capitalization of $50.89 billion, a PE ratio of 26.30, a price-to-earnings-growth ratio of 4.08 and a beta of 0.63. The business’s 50-day moving average price is $274.58 and its 200-day moving average price is $282.64. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th will be given a dividend of $3.00 per share. The ex-dividend date is Wednesday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.14%. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Insider Activity

In other news, Director Kristy Pipes acquired 2,149 shares of Public Storage stock in a transaction dated Tuesday, May 14th. The shares were purchased at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the transaction, the director now owns 2,149 shares of the company’s stock, valued at $599,485.04. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Nathaniel A. Vitan sold 400 shares of the firm’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 transaction, the insider now directly owns 3,214 shares in the company, valued at approximately $881,568.06. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Kristy Pipes purchased 2,149 shares of Public Storage stock in a transaction that occurred on Tuesday, May 14th. The shares were bought at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the transaction, the director now owns 2,149 shares in the company, valued at $599,485.04. The disclosure for this purchase can be found here. Corporate insiders own 11.10% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on PSA shares. BMO Capital Markets increased their price objective on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a report on Tuesday, March 19th. Barclays dropped their price objective on Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a report on Monday, May 20th. 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. Scotiabank raised their price target on Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a report on Monday, March 18th. Finally, Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $280.00 to $310.00 in a report on Friday, April 5th. 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 assigned a strong buy rating to the company. Based on data from MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus target price of $303.00.

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.