Eastover Investment Advisors LLC Has $6.70 Million Stake in Public Storage (NYSE:PSA)

Eastover Investment Advisors LLC lowered its position in Public Storage (NYSE:PSA) by 2.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 22,359 shares of the real estate investment trust’s stock after selling 491 shares during the period. Public Storage accounts for 3.1% of Eastover Investment Advisors LLC’s portfolio, making the stock its 15th largest holding. Eastover Investment Advisors LLC’s holdings in Public Storage were worth $6,695,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PSA. Private Advisor Group LLC raised its holdings in shares of Public Storage by 13.4% during the 2nd quarter. Private Advisor Group LLC now owns 5,161 shares of the real estate investment trust’s stock valued at $1,485,000 after purchasing an additional 610 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of Public Storage during the 2nd quarter worth about $1,459,000. Choreo LLC acquired a new position in shares of Public Storage during the 2nd quarter valued at about $476,000. Oppenheimer & Co. Inc. raised its stake in shares of Public Storage by 5.7% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 8,217 shares of the real estate investment trust’s stock valued at $2,364,000 after acquiring an additional 445 shares in the last quarter. Finally, Dai ichi Life Insurance Company Ltd lifted its holdings in Public Storage by 98.9% in the 2nd quarter. Dai ichi Life Insurance Company Ltd now owns 10,054 shares of the real estate investment trust’s stock worth $2,892,000 after purchasing an additional 5,000 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

Public Storage stock opened at $288.65 on Monday. The stock has a 50-day simple moving average of $321.09 and a 200 day simple moving average of $325.66. The stock has a market capitalization of $50.55 billion, a price-to-earnings ratio of 29.97, a P/E/G ratio of 5.29 and a beta of 0.74. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were given a dividend of $3.00 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.16%. Public Storage’s payout ratio is 124.61%.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $317.99, for a total value of $143,095.50. Following the transaction, the insider now owns 2,364 shares in the company, valued at $751,728.36. This trade represents a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 11.00% of the stock is owned by insiders.

Analysts Set New Price Targets

PSA has been the topic of several analyst reports. Evercore ISI lowered their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Barclays lowered their target price on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 12th. Truist Financial boosted their target price on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Jefferies Financial Group lifted their price objective on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Finally, Morgan Stanley increased their target price on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Seven investment analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus target price of $346.00.

About Public Storage

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.