Public Storage (NYSE:PSA) Shares Sold by Montecito Bank & Trust

Montecito Bank & Trust reduced its stake in Public Storage (NYSE:PSA) by 12.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 2,382 shares of the real estate investment trust’s stock after selling 350 shares during the quarter. Montecito Bank & Trust’s holdings in Public Storage were worth $691,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in PSA. Massmutual Trust Co. FSB ADV lifted its holdings in Public Storage by 10.9% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 17,796 shares of the real estate investment trust’s stock worth $5,162,000 after buying an additional 1,749 shares in the last quarter. Rise Advisors LLC lifted its holdings in Public Storage by 738.4% during the 1st quarter. Rise Advisors LLC now owns 1,224 shares of the real estate investment trust’s stock worth $355,000 after buying an additional 1,078 shares in the last quarter. Tompkins Financial Corp lifted its holdings in Public Storage by 3.1% during the 1st quarter. Tompkins Financial Corp now owns 24,242 shares of the real estate investment trust’s stock worth $7,032,000 after buying an additional 722 shares in the last quarter. Pensionfund Sabic lifted its holdings in Public Storage by 28.5% during the 1st quarter. Pensionfund Sabic now owns 13,513 shares of the real estate investment trust’s stock worth $3,920,000 after buying an additional 3,000 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Public Storage by 13.4% during the 1st quarter. GAMMA Investing LLC now owns 660 shares of the real estate investment trust’s stock worth $191,000 after buying an additional 78 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Trading Up 0.2 %

Shares of Public Storage stock opened at $292.06 on Friday. Public Storage has a 1 year low of $233.18 and a 1 year high of $312.25. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.54 and a current ratio of 0.54. The company has a market capitalization of $51.32 billion, a P/E ratio of 26.53, a PEG ratio of 4.07 and a beta of 0.63. The company’s fifty day moving average is $273.13 and its two-hundred day moving average is $282.06.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.11%. The ex-dividend date of this dividend is Wednesday, June 12th. Public Storage’s payout ratio is currently 108.99%.

Insiders Place Their Bets

In other Public Storage news, Director Kristy Pipes acquired 2,149 shares of the stock in a transaction on Tuesday, May 14th. The shares were bought at an average cost of $278.96 per share, with a total value of $599,485.04. Following the transaction, the director now 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, which is accessible through the SEC website. In related news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction dated 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 owns 3,214 shares in the company, valued at $881,568.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kristy Pipes acquired 2,149 shares of Public Storage stock in a transaction that occurred on Tuesday, May 14th. The stock was bought at an average price of $278.96 per share, with a total value of $599,485.04. Following the purchase, the director now directly owns 2,149 shares of the company’s stock, valued at $599,485.04. The disclosure for this purchase can be found here. 11.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PSA shares. Barclays reduced their target price on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a report on Monday, May 20th. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $280.00 to $310.00 in a report on Friday, April 5th. BMO Capital Markets increased their price objective on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research report on Tuesday, March 19th. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective on the stock in a research report on Thursday, March 28th. Finally, Scotiabank increased their price objective on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research report on Monday, March 18th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and an average price target of $303.00.

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.