Sunbelt Securities Inc. Increases Stock Position in Public Storage (NYSE:PSA)

Sunbelt Securities Inc. raised its position in Public Storage (NYSE:PSA) by 64,500.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 646 shares of the real estate investment trust’s stock after buying an additional 645 shares during the period. Sunbelt Securities Inc.’s holdings in Public Storage were worth $187,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

PSA has been the topic of several recent analyst reports. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective on the stock in a report on Thursday, March 28th. Scotiabank lifted their price objective on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a report on Monday, March 18th. Barclays reduced 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 lifted their price target on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 19th. Finally, Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $280.00 to $310.00 in a research note on Friday, April 5th. One 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 stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $303.00.

Insiders Place Their Bets

In other news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were 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 owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Public Storage news, Director Kristy Pipes acquired 2,149 shares of the business’s 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 transaction, the director now owns 2,149 shares of the company’s stock, valued at $599,485.04. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, 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 in the company, 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 Stock Up 0.4 %

Shares of NYSE:PSA opened at $287.65 on Friday. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. The business has a fifty day moving average of $276.19 and a two-hundred day moving average of $282.79. The stock has a market cap of $50.55 billion, a P/E ratio of 26.13, a PEG ratio of 4.03 and a beta of 0.63.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Wednesday, June 12th were given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.17%. The ex-dividend date of this dividend was Wednesday, June 12th. Public Storage’s payout ratio is currently 108.99%.

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.