Middleton & Co. Inc. MA Reduces Stock Position in Public Storage (NYSE:PSA)

Middleton & Co. Inc. MA lowered its holdings in shares of Public Storage (NYSE:PSA) by 2.0% in the fourth quarter, Holdings Channel.com reports. The fund owned 5,349 shares of the real estate investment trust’s stock after selling 110 shares during the quarter. Middleton & Co. Inc. MA’s holdings in Public Storage were worth $1,602,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of PSA. Quent Capital LLC raised its position in Public Storage by 135.1% during the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 50 shares in the last quarter. Prospera Private Wealth LLC bought a new stake in Public Storage during the 3rd quarter valued at $34,000. Ashton Thomas Securities LLC bought a new stake in Public Storage during the 3rd quarter valued at $38,000. Synergy Asset Management LLC bought a new stake in Public Storage during the 4th quarter valued at $38,000. Finally, Harbor Capital Advisors Inc. bought a new stake in Public Storage during the 3rd quarter valued at $55,000. 78.79% of the stock is owned by institutional investors.

Insider Activity at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $317.99, for a total value of $143,095.50. Following the completion of the sale, the insider now owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. This trade represents a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 11.00% of the company’s stock.

Public Storage Price Performance

Shares of Public Storage stock opened at $303.46 on Friday. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market capitalization of $53.14 billion, a P/E ratio of 31.51, a PEG ratio of 4.91 and a beta of 0.74. The business has a 50 day simple moving average of $298.29 and a two-hundred day simple moving average of $325.09.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be issued a $3.00 dividend. The ex-dividend date is Thursday, March 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.95%. Public Storage’s dividend payout ratio is presently 112.89%.

Analyst Upgrades and Downgrades

PSA has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and boosted their price target for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Wells Fargo & Company reduced their price target on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Truist Financial boosted their price target on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Royal Bank of Canada reduced their price target on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research report on Wednesday. Finally, Barclays dropped their target price on Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Seven research analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus price target of $340.69.

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.