Public Storage (NYSE:PSA) Insider Sells $98,148.00 in Stock

Public Storage (NYSE:PSA) insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $245.37, for a total transaction of $98,148.00. Following the transaction, the insider now owns 13,286 shares of the company’s stock, valued at approximately $3,259,985.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Public Storage Stock Performance

Shares of Public Storage stock opened at $260.59 on Thursday. Public Storage has a 52 week low of $233.18 and a 52 week high of $316.48. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.54. The firm has a market capitalization of $45.82 billion, a P/E ratio of 23.89, a PEG ratio of 2.98 and a beta of 0.50. The company has a 50 day moving average price of $259.90 and a 200 day moving average price of $277.03.

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Monday, October 30th. The real estate investment trust reported $3.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.21 by ($1.01). Public Storage had a return on equity of 34.76% and a net margin of 45.46%. The business had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the prior year, the business posted $4.13 earnings per share. The business’s quarterly revenue was up 5.1% compared to the same quarter last year. Sell-side analysts expect that Public Storage will post 16.74 EPS for the current year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Wednesday, December 13th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.60%. The ex-dividend date is Tuesday, December 12th. Public Storage’s dividend payout ratio (DPR) is 109.99%.

Hedge Funds Weigh In On Public Storage

Institutional investors have recently made changes to their positions in the company. Gryphon Financial Partners LLC boosted its stake in Public Storage by 2.3% during the 1st quarter. Gryphon Financial Partners LLC now owns 1,627 shares of the real estate investment trust’s stock worth $492,000 after purchasing an additional 36 shares during the last quarter. Kinneret Advisory LLC boosted its stake in Public Storage by 2.3% during the 1st quarter. Kinneret Advisory LLC now owns 1,678 shares of the real estate investment trust’s stock worth $655,000 after purchasing an additional 37 shares during the last quarter. Flputnam Investment Management Co. boosted its stake in Public Storage by 4.6% during the 1st quarter. Flputnam Investment Management Co. now owns 859 shares of the real estate investment trust’s stock worth $260,000 after purchasing an additional 38 shares during the last quarter. Windham Capital Management LLC boosted its stake in Public Storage by 4.6% during the 1st quarter. Windham Capital Management LLC now owns 856 shares of the real estate investment trust’s stock worth $259,000 after purchasing an additional 38 shares during the last quarter. Finally, Resources Investment Advisors LLC. boosted its stake in Public Storage by 3.7% during the 1st quarter. Resources Investment Advisors LLC. now owns 1,066 shares of the real estate investment trust’s stock worth $322,000 after purchasing an additional 38 shares during the last quarter. 78.75% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PSA has been the topic of a number of recent research reports. Morgan Stanley initiated coverage on shares of Public Storage in a research note on Thursday, September 21st. They set an “equal weight” rating and a $250.00 price target on the stock. Truist Financial reaffirmed a “buy” rating and set a $305.00 price target on shares of Public Storage in a research note on Tuesday, October 31st. Stifel Nicolaus decreased their price target on shares of Public Storage from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, September 13th. Wells Fargo & Company assumed coverage on shares of Public Storage in a research note on Tuesday, October 24th. They set an “overweight” rating and a $270.00 price target on the stock. Finally, StockNews.com assumed coverage on shares of Public Storage in a research note on Saturday, October 21st. They issued a “hold” rating on the stock. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and an average price target of $299.83.

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 September 30, 2023, we had: (i) interests in 3,028 self-storage facilities located in 40 states with approximately 217 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 267 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.