Park Avenue Securities LLC Buys 225 Shares of Public Storage (NYSE:PSA)

Park Avenue Securities LLC grew its stake in Public Storage (NYSE:PSA) by 7.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,133 shares of the real estate investment trust’s stock after purchasing an additional 225 shares during the quarter. Park Avenue Securities LLC’s holdings in Public Storage were worth $938,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of PSA. Board of the Pension Protection Fund bought a new position in Public Storage during the fourth quarter worth about $808,000. Fifth Third Wealth Advisors LLC increased its position in Public Storage by 9.9% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 1,530 shares of the real estate investment trust’s stock worth $458,000 after acquiring an additional 138 shares during the period. Rosenberg Matthew Hamilton increased its position in Public Storage by 12.5% during the fourth quarter. Rosenberg Matthew Hamilton now owns 368 shares of the real estate investment trust’s stock worth $110,000 after acquiring an additional 41 shares during the period. Forza Wealth Management LLC increased its position in Public Storage by 7.6% during the fourth quarter. Forza Wealth Management LLC now owns 750 shares of the real estate investment trust’s stock worth $225,000 after acquiring an additional 53 shares during the period. Finally, Capital Investment Advisors LLC increased its position in Public Storage by 25.4% during the fourth quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust’s stock worth $8,566,000 after acquiring an additional 5,793 shares during the period. 78.79% of the stock is owned by institutional investors.

Public Storage Trading Down 0.5 %

PSA opened at $296.25 on Tuesday. The company’s 50 day moving average is $316.96 and its 200-day moving average is $325.90. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The company has a market cap of $51.88 billion, a P/E ratio of 30.76, a PEG ratio of 4.65 and a beta of 0.74.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were given a dividend of $3.00 per share. The ex-dividend date was Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 4.05%. Public Storage’s dividend payout ratio is presently 124.61%.

Insider Buying and Selling

In related news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $317.99, for a total transaction of $143,095.50. Following the sale, the insider now directly owns 2,364 shares in the company, valued at $751,728.36. This trade represents a 15.99 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 11.10% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently commented on PSA. Royal Bank of Canada lowered their price target on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Morgan Stanley raised their price target on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Truist Financial increased their price objective on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. Evercore ISI reduced their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Finally, Barclays reduced their price objective on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Seven investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus price target of $344.54.

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.