Signet Financial Management LLC Grows Position in Public Storage (NYSE:PSA)

Signet Financial Management LLC boosted its stake in shares of Public Storage (NYSE:PSA) by 2.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,913 shares of the real estate investment trust’s stock after purchasing an additional 39 shares during the period. Signet Financial Management LLC’s holdings in Public Storage were worth $555,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of PSA. EverSource Wealth Advisors LLC lifted its position in shares of Public Storage by 107.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 44 shares in the last quarter. Core Wealth Advisors Inc. purchased a new position in shares of Public Storage in the fourth quarter valued at about $30,000. EdgeRock Capital LLC purchased a new position in shares of Public Storage in the fourth quarter valued at about $32,000. Private Ocean LLC lifted its position in shares of Public Storage by 5,450.0% in the fourth quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 109 shares in the last quarter. Finally, Centerpoint Advisors LLC purchased a new position in shares of Public Storage in the fourth quarter valued at about $35,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the sale, the insider now owns 3,214 shares in the company, valued at approximately $881,568.06. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the sale, the insider now owns 3,214 shares in the company, valued at approximately $881,568.06. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Kristy Pipes acquired 2,149 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were acquired at an average price of $278.96 per share, with a total value of $599,485.04. Following the acquisition, the director now owns 2,149 shares in the company, valued at approximately $599,485.04. The disclosure for this purchase can be found here. 11.00% of the stock is owned by company insiders.

Public Storage Stock Down 0.5 %

Public Storage stock opened at $286.55 on Friday. The business has a fifty day moving average of $275.12 and a two-hundred day moving average of $282.68. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. The firm has a market cap of $50.36 billion, a P/E ratio of 26.03, a P/E/G ratio of 4.03 and a beta of 0.63. Public Storage has a twelve month low of $233.18 and a twelve month high of $312.25.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th were issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.19%. Public Storage’s dividend payout ratio is currently 108.99%.

Analysts Set New Price Targets

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