Denali Advisors LLC Has $261,000 Stock Holdings in Public Storage (NYSE:PSA)

Denali Advisors LLC trimmed its holdings in shares of Public Storage (NYSE:PSA) by 43.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 900 shares of the real estate investment trust’s stock after selling 700 shares during the quarter. Denali Advisors LLC’s holdings in Public Storage were worth $261,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Gotham Asset Management LLC raised its position in Public Storage by 150.7% during the 3rd quarter. Gotham Asset Management LLC now owns 2,773 shares of the real estate investment trust’s stock worth $731,000 after purchasing an additional 1,667 shares during the last quarter. Axxcess Wealth Management LLC bought a new position in shares of Public Storage during the third quarter worth about $211,000. Evergreen Capital Management LLC acquired a new position in shares of Public Storage in the third quarter worth approximately $214,000. Lido Advisors LLC boosted its holdings in Public Storage by 2.8% in the third quarter. Lido Advisors LLC now owns 2,165 shares of the real estate investment trust’s stock valued at $571,000 after acquiring an additional 59 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in Public Storage by 29.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock valued at $835,032,000 after purchasing an additional 729,262 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Trading Up 0.7 %

NYSE PSA opened at $287.34 on Thursday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. Public Storage has a 52 week low of $233.18 and a 52 week high of $312.25. The business has a 50 day moving average price of $277.08 and a 200-day moving average price of $282.77. The company has a market cap of $50.49 billion, a price-to-earnings ratio of 26.10, a P/E/G ratio of 4.15 and a beta of 0.65.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th were issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.18%. The ex-dividend date of this dividend was Wednesday, June 12th. Public Storage’s dividend payout ratio is currently 108.99%.

Insider Buying and Selling at Public Storage

In related 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Nathaniel A. Vitan sold 400 shares of Public Storage 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 sale, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kristy Pipes bought 2,149 shares of the company’s stock in a transaction on Tuesday, May 14th. The stock was bought at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the purchase, the director now owns 2,149 shares of the company’s stock, valued at $599,485.04. The disclosure for this purchase can be found here. Company insiders own 11.10% of the company’s stock.

Wall Street Analysts Forecast Growth

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