The Manufacturers Life Insurance Company Grows Holdings in Public Storage (NYSE:PSA)

The Manufacturers Life Insurance Company grew its stake in Public Storage (NYSE:PSAFree Report) by 4.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 129,091 shares of the real estate investment trust’s stock after buying an additional 5,239 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.07% of Public Storage worth $39,373,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. EverSource Wealth Advisors LLC grew its stake 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 buying an additional 44 shares in the last quarter. EdgeRock Capital LLC purchased a new position in Public Storage in the 4th quarter worth approximately $32,000. Private Ocean LLC lifted its holdings in shares of Public Storage by 5,450.0% in the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 109 shares during the last quarter. Centerpoint Advisors LLC bought a new stake in shares of Public Storage in the 4th quarter worth approximately $35,000. Finally, Turtle Creek Wealth Advisors LLC bought a new stake in shares of Public Storage in the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analyst Ratings Changes

PSA has been the subject of a number of recent research reports. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $280.00 to $310.00 in a report on Friday, April 5th. Barclays lowered their price objective on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a report on Monday, May 20th. Raymond James upgraded shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective for the company in a report on Thursday, March 28th. Scotiabank upped their price target on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a report on Monday, March 18th. Finally, BMO Capital Markets upped their price target on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a report on Tuesday, March 19th. 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 company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $304.75.

Get Our Latest Stock Report on Public Storage

Public Storage Stock Down 0.7 %

Shares of NYSE PSA opened at $277.14 on Thursday. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.59. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25. The firm has a market capitalization of $48.70 billion, a PE ratio of 25.17, a price-to-earnings-growth ratio of 3.90 and a beta of 0.63. The firm has a fifty day simple moving average of $273.66 and a two-hundred day simple moving average of $280.37.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th will be issued a $3.00 dividend. The ex-dividend date is Wednesday, June 12th. This represents a $12.00 annualized dividend and a yield of 4.33%. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Insiders Place Their Bets

In related news, Director Kristy Pipes acquired 2,149 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was acquired at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the acquisition, the director now owns 2,149 shares of the company’s stock, valued at $599,485.04. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 11.00% of the company’s stock.

Public Storage Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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