Public Storage (NYSE:PSA) Stock Position Increased by Aew Capital Management L P

Aew Capital Management L P increased its stake in Public Storage (NYSE:PSA) by 108.6% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 439,400 shares of the real estate investment trust’s stock after buying an additional 228,740 shares during the period. Public Storage accounts for about 6.4% of Aew Capital Management L P’s holdings, making the stock its 5th largest holding. Aew Capital Management L P’s holdings in Public Storage were worth $131,574,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in PSA. Assenagon Asset Management S.A. grew its stake in shares of Public Storage by 12.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,709 shares of the real estate investment trust’s stock worth $1,713,000 after buying an additional 535 shares during the last quarter. Diversify Wealth Management LLC purchased a new stake in Public Storage during the 3rd quarter valued at $210,000. HM Payson & Co. boosted its stake in Public Storage by 17.8% during the 3rd quarter. HM Payson & Co. now owns 424 shares of the real estate investment trust’s stock valued at $154,000 after purchasing an additional 64 shares during the last quarter. Baron Silver Stevens Financial Advisors LLC purchased a new stake in Public Storage during the 3rd quarter valued at $279,000. Finally, Reston Wealth Management LLC purchased a new stake in Public Storage during the 3rd quarter valued at $80,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on the company. Barclays cut 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. Royal Bank of Canada cut their target price on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research note on Wednesday. Truist Financial increased their target price on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and increased their target price for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Finally, Wells Fargo & Company cut their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Seven analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and a consensus price target of $340.69.

Insider Buying and Selling at Public Storage

In other Public Storage 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 transaction of $143,095.50. Following the sale, the insider now directly owns 2,364 shares of the company’s stock, 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 through the SEC website. 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 one year low of $256.31 and a one year high of $369.99. The stock’s fifty day moving average is $298.29 and its 200 day moving average is $325.09. The stock has a market cap of $53.14 billion, a P/E ratio of 31.51, a P/E/G ratio of 4.91 and a beta of 0.74. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Public Storage Dividend Announcement

The business also recently announced 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 dividend on an annualized basis and a yield of 3.95%. Public Storage’s dividend payout ratio is currently 112.89%.

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.