Public Storage (NYSE:PSA) Shares Sold by CWA Asset Management Group LLC

CWA Asset Management Group LLC lowered its stake in Public Storage (NYSE:PSA) by 3.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 49,823 shares of the real estate investment trust’s stock after selling 2,013 shares during the quarter. Public Storage comprises about 0.8% of CWA Asset Management Group LLC’s portfolio, making the stock its 29th biggest holding. CWA Asset Management Group LLC’s holdings in Public Storage were worth $14,919,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its stake in Public Storage by 1.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock worth $51,762,000 after purchasing an additional 2,605 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in Public Storage by 114.2% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust’s stock valued at $33,302,000 after purchasing an additional 48,803 shares in the last quarter. Larson Financial Group LLC raised its stake in Public Storage by 3,714.6% during the third quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust’s stock worth $666,000 after purchasing an additional 1,783 shares during the period. Handelsbanken Fonder AB raised its position in Public Storage by 4.1% in the third quarter. Handelsbanken Fonder AB now owns 72,741 shares of the real estate investment trust’s stock valued at $26,468,000 after purchasing an additional 2,832 shares during the period. Finally, Equitable Trust Co. grew its stake in Public Storage by 3.1% during the 3rd quarter. Equitable Trust Co. now owns 77,959 shares of the real estate investment trust’s stock valued at $28,367,000 after purchasing an additional 2,344 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of PSA stock traded down $1.50 on Monday, reaching $298.95. 96,671 shares of the company were exchanged, compared to its average volume of 428,127. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The business has a 50-day moving average price of $324.74 and a 200 day moving average price of $325.52. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99. The company has a market cap of $52.35 billion, a price-to-earnings ratio of 31.04, a P/E/G ratio of 5.29 and a beta of 0.74.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.01%. Public Storage’s payout ratio is currently 124.61%.

Insiders Place Their Bets

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

Analyst Ratings Changes

PSA has been the topic of several recent analyst reports. Royal Bank of Canada dropped their target price on Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Barclays dropped their target price on Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a report on Tuesday, November 12th. Wells Fargo & Company lowered their price objective on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Evercore ISI dropped their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Finally, Morgan Stanley upped their price objective on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $342.07.

Public Storage Company 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.