KBC Group NV Sells 70,666 Shares of Public Storage (NYSE:PSA)

KBC Group NV lowered its stake in shares of Public Storage (NYSE:PSA) by 25.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 204,041 shares of the real estate investment trust’s stock after selling 70,666 shares during the quarter. KBC Group NV owned 0.12% of Public Storage worth $61,098,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Prospera Private Wealth LLC purchased a new position in shares of Public Storage in the 3rd quarter worth approximately $34,000. Ashton Thomas Securities LLC purchased a new position in Public Storage in the third quarter worth $38,000. Compagnie Lombard Odier SCmA purchased a new stake in shares of Public Storage during the 3rd quarter valued at $50,000. Harbor Capital Advisors Inc. bought a new stake in shares of Public Storage during the 3rd quarter worth $55,000. Finally, Toth Financial Advisory Corp boosted its holdings in shares of Public Storage by 48.2% in the 4th quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock worth $61,000 after buying an additional 66 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Performance

NYSE PSA opened at $297.80 on Tuesday. The company’s 50 day simple moving average is $312.93 and its two-hundred day simple moving average is $326.07. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99. The stock has a market capitalization of $52.15 billion, a PE ratio of 30.92, a P/E/G ratio of 4.68 and a beta of 0.74.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.03%. The ex-dividend date of this dividend was Friday, December 13th. Public Storage’s dividend payout ratio is 124.61%.

Insider Buying and Selling

In other news, insider Nathaniel A. Vitan sold 450 shares of Public Storage 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 completion of the sale, the insider now owns 2,364 shares in the company, valued at approximately $751,728.36. This trade represents a 15.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 11.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Wells Fargo & Company lowered their price objective on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and upped their price objective for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Barclays decreased their target price on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research report on Monday, January 13th. Evercore ISI dropped their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Finally, Royal Bank of Canada decreased their price objective on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. 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. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $344.54.

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.