Ballentine Partners LLC Grows Stock Position in Public Storage (NYSE:PSA)

Ballentine Partners LLC raised its stake in Public Storage (NYSE:PSA) by 6.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 841 shares of the real estate investment trust’s stock after buying an additional 54 shares during the quarter. Ballentine Partners LLC’s holdings in Public Storage were worth $252,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Prospera Private Wealth LLC purchased a new position in Public Storage in the third quarter valued at $34,000. Ashton Thomas Securities LLC purchased a new position in shares of Public Storage in the 3rd quarter valued at about $38,000. Compagnie Lombard Odier SCmA acquired a new position in shares of Public Storage during the third quarter worth about $50,000. Harbor Capital Advisors Inc. purchased a new stake in shares of Public Storage during the third quarter worth approximately $55,000. Finally, Versant Capital Management Inc raised its holdings in Public Storage by 301.7% in the fourth quarter. Versant Capital Management Inc now owns 237 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 178 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the sale, the insider now owns 2,364 shares of the company’s stock, valued at $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 11.00% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on PSA shares. Barclays lowered their price target on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and increased their target price for the company from $298.00 to $299.00 in a report on Friday, January 10th. Truist Financial lifted their price target on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Morgan Stanley increased their price objective on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Royal Bank of Canada lowered their price target on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $344.54.

Public Storage Price Performance

Shares of NYSE:PSA opened at $292.04 on Friday. Public Storage has a one year low of $256.31 and a one year high of $369.99. The stock has a market capitalization of $51.14 billion, a price-to-earnings ratio of 30.33, a PEG ratio of 4.68 and a beta of 0.74. The company has a 50-day simple moving average of $312.93 and a 200-day simple moving average of $325.54. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a $3.00 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 4.11%. Public Storage’s dividend payout ratio (DPR) is currently 124.61%.

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.