Public Storage (NYSE:PSA) Shares Sold by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. lessened its position in shares of Public Storage (NYSE:PSA) by 0.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 874,161 shares of the real estate investment trust’s stock after selling 5,612 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.50% of Public Storage worth $253,559,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of PSA. JPMorgan Chase & Co. increased its holdings in Public Storage by 29.9% in the third quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock valued at $835,032,000 after buying an additional 729,262 shares during the last quarter. Norges Bank acquired a new stake in shares of Public Storage during the 4th quarter worth about $821,151,000. Charles Schwab Investment Management Inc. lifted its stake in Public Storage by 8.8% during the fourth 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 during the last quarter. APG Asset Management US Inc. increased its stake in Public Storage by 4.7% in the fourth quarter. APG Asset Management US Inc. now owns 2,074,617 shares of the real estate investment trust’s stock valued at $632,758,000 after purchasing an additional 93,122 shares during the last quarter. Finally, Morgan Stanley raised its holdings in Public Storage by 0.8% during the third quarter. Morgan Stanley now owns 1,680,149 shares of the real estate investment trust’s stock worth $442,753,000 after purchasing an additional 13,864 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price on the stock in a research report on Thursday, March 28th. Scotiabank lifted their price target on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research report on Monday, March 18th. BMO Capital Markets increased their price objective on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a report on Tuesday, March 19th. Barclays dropped their price objective on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research note on Monday, May 20th. Finally, Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $280.00 to $310.00 in a report on Friday, April 5th. 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 given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $303.00.

Public Storage Stock Performance

Shares of PSA opened at $287.34 on Thursday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. The company has a 50-day simple moving average of $277.08 and a 200-day simple moving average of $282.77. The company has a market capitalization of $50.49 billion, a PE ratio of 26.10, a P/E/G ratio of 4.15 and a beta of 0.65.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th were given a dividend of $3.00 per share. The ex-dividend date was Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.18%. Public Storage’s payout ratio is 108.99%.

Insider Transactions at Public Storage

In other news, 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 acquisition, the director now owns 2,149 shares in the company, valued at approximately $599,485.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Public Storage news, Director Kristy Pipes purchased 2,149 shares of Public Storage stock in a transaction on Tuesday, May 14th. The shares were bought at an average price of $278.96 per share, with a total value of $599,485.04. Following the completion of the acquisition, the director now directly owns 2,149 shares of the company’s stock, valued at $599,485.04. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction that occurred 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 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. Corporate insiders own 11.10% of the company’s stock.

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.