Norden Group LLC Takes Position in Public Storage (NYSE:PSA)

Norden Group LLC bought a new position in shares of Public Storage (NYSE:PSAFree Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 5,328 shares of the real estate investment trust’s stock, valued at approximately $1,548,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Public Storage during the 4th quarter valued at about $821,151,000. Charles Schwab Investment Management Inc. grew its position in Public Storage by 8.8% in 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 buying an additional 216,331 shares during the last quarter. APG Asset Management US Inc. grew its position 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 worth $632,758,000 after buying an additional 93,122 shares during the last quarter. Morgan Stanley increased its holdings in shares of Public Storage by 0.8% in the third quarter. Morgan Stanley now owns 1,680,149 shares of the real estate investment trust’s stock valued at $442,753,000 after buying an additional 13,864 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in shares of Public Storage by 6.5% during the 3rd quarter. American Century Companies Inc. now owns 1,330,220 shares of the real estate investment trust’s stock valued at $350,540,000 after acquiring an additional 80,784 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Price Performance

Shares of NYSE:PSA opened at $289.67 on Friday. 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 1 year low of $233.18 and a 1 year high of $312.25. The business has a fifty day simple moving average of $278.80 and a 200 day simple moving average of $282.84. The firm has a market cap of $50.90 billion, a price-to-earnings ratio of 26.31, a P/E/G ratio of 4.18 and a beta of 0.65.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Wednesday, June 12th were issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Wednesday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.14%. Public Storage’s dividend payout ratio is 108.99%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PSA shares. Scotiabank raised their price objective on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research note on Monday, March 18th. BMO Capital Markets raised their price objective on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 19th. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $280.00 to $310.00 in a research note on Friday, April 5th. Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective for the company in a research note on Thursday, March 28th. Finally, 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. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and a consensus target price of $303.00.

Read Our Latest Research Report on PSA

Insider Buying and Selling

In related news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction on Monday, June 10th. The stock was 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 directly owns 3,214 shares in the company, valued at $881,568.06. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Public Storage news, Director Kristy Pipes bought 2,149 shares of the stock in a transaction on Tuesday, May 14th. The shares were purchased at an average cost of $278.96 per share, with a total value of $599,485.04. Following the completion of the transaction, the director now directly owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the transaction, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The disclosure for this sale can be found here. 11.10% of the stock is owned by corporate insiders.

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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