CreativeOne Wealth LLC increased its stake in Public Storage (NYSE:PSA – Free Report) by 15.8% in the first quarter, according to the company’s most recent filing with the Securities and Exchange Commission. The institutional investor owned 895 shares of the real estate investment trust after purchasing an additional 122 shares during the period. CreativeOne Wealth LLC’s stake in Public Storage was worth $260,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their holdings of PSA recently. Payden & Rygel Investment Group purchased a new position in shares of Public Storage during the first quarter worth approximately $220,000. Crewe Advisors LLC acquired a new position in shares of Public Storage during the first quarter worth approximately $39,000. MQS Management LLC purchased a new position in Public Storage during the first quarter worth approximately $238,000. Pitcairn Co. increased its stake in Public Storage by 15.9% during the first quarter. Pitcairn Co. now owns 868 shares of the real estate investment trust worth $252,000 after purchasing an additional 119 shares during the period. Finally, Saturna Capital Corp increased its position in shares of Public Storage by 14.2% during the first quarter. Saturna Capital Corp now owns 7,819 shares of the real estate investment trust’s stock worth $2,268,000 after purchasing an additional 975 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street analysts predict growth

Several equities analysts have commented on the stock. Scotiabank increased their price target on shares of Public Storage from $289.00 to $314.00 and gave the stock a “sector perform” rating in a research report on Friday, July 19th. Evercore ISI increased their price target on Public Storage from $289.00 to $300.00 and gave the company an “in-line” rating in a report on Monday, July 15th. Barclays lowered their price target on Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research report on Monday, May 20th. Finally, Wells Fargo & Company increased their price target on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and one has given the stock a strong buy rating. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $310.55.

Read our latest report on public storage

Insider activity at Public Storage

In related news, Director Kristy Pipes bought 2,149 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were purchased at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the purchase, the Director now owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The acquisition was disclosed in a legal filing with the SEC, which is available on the SEC website. In other news, Director Kristy Pipes bought 2,149 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were purchased at an average price of $278.96 per share, for a total value of $599,485.04. Following the completion of the acquisition, the Director now directly owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, available at this link. Also, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the sale, the insider now directly owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The disclosure for this sale can be found here. 11.00% of the shares are currently held by insiders.

Public storage inventory increases by 2.0%

PSA shares opened Friday at $300.74. The company has a market cap of $52.85 billion, a price-to-earnings ratio of 27.32, a price-to-earnings growth ratio of 4.38, and a beta of 0.65. The company has a 50-day moving average price of $286.65 and a 200-day moving average price of $282.51. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54, and a quick ratio of 0.54. Public Storage has a 12-month low of $233.18 and a 12-month high of $314.93.

Announcement of dividend public storage

The company also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Wednesday, June 12th were paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.99%. The ex-dividend date for this dividend was Wednesday, June 12th. Public Storage’s dividend payout ratio is currently 108.99%.

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. As of December 31, 2023, we had interests in 3,044 self-storage facilities 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 in seven Western European countries with approximately 15 million net rentable square feet operated under the Shurgard brand.

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