Versant Capital Management Inc Acquires 178 Shares of Public Storage (NYSE:PSA)

Versant Capital Management Inc raised its holdings in shares of Public Storage (NYSE:PSA) by 301.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 237 shares of the real estate investment trust’s stock after acquiring an additional 178 shares during the period. Versant Capital Management Inc’s holdings in Public Storage were worth $71,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. State Street Corp increased its holdings in Public Storage by 0.5% in the third quarter. State Street Corp now owns 10,370,658 shares of the real estate investment trust’s stock valued at $3,773,571,000 after purchasing an additional 55,123 shares during the last quarter. FMR LLC grew its position in shares of Public Storage by 20.9% during the 3rd quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock worth $1,828,763,000 after buying an additional 869,066 shares during the period. Geode Capital Management LLC increased its stake in shares of Public Storage by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,931,572 shares of the real estate investment trust’s stock valued at $1,425,941,000 after acquiring an additional 52,807 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Public Storage by 2.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,813,136 shares of the real estate investment trust’s stock valued at $1,023,080,000 after acquiring an additional 54,992 shares during the last quarter. Finally, APG Asset Management US Inc. raised its position in shares of Public Storage by 4.8% in the 2nd quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock valued at $623,485,000 after acquiring an additional 100,000 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on PSA. Morgan Stanley upped their target price on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Jefferies Financial Group upped their price objective on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Barclays reduced their target price on Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. Evercore ISI lowered their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Finally, Wells Fargo & Company cut their price objective on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $342.07.

Public Storage Price Performance

Shares of PSA opened at $300.45 on Monday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The stock has a market capitalization of $52.61 billion, a P/E ratio of 31.20, a P/E/G ratio of 5.29 and a beta of 0.74. The company has a 50 day moving average of $324.74 and a 200-day moving average of $325.52.

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 $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date of this dividend was Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is currently 124.61%.

Insider Buying and Selling at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $317.99, for a total transaction of $143,095.50. Following the completion of the transaction, the insider now directly owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 11.00% of the company’s stock.

Public Storage Profile

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.