Flputnam Investment Management Co. Increases Stake in Public Storage (NYSE:PSA)

Flputnam Investment Management Co. boosted its position in Public Storage (NYSE:PSA) by 2.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 79,564 shares of the real estate investment trust’s stock after acquiring an additional 1,763 shares during the period. Flputnam Investment Management Co.’s holdings in Public Storage were worth $23,825,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Quent Capital LLC increased its stake in shares of Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 50 shares in the last quarter. Prospera Private Wealth LLC bought a new position in Public Storage in the 3rd quarter worth approximately $34,000. Ashton Thomas Securities LLC purchased a new position in Public Storage in the 3rd quarter valued at approximately $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 hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Royal Bank of Canada cut their price target on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a report on Wednesday. Wells Fargo & Company cut their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Truist Financial upped their price target on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and increased their price target for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Barclays reduced their price objective on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Seven equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $340.69.

Public Storage Price Performance

Shares of NYSE:PSA opened at $303.46 on Friday. The company’s fifty day moving average price is $298.29 and its 200-day moving average price is $325.09. 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 firm has a market capitalization of $53.14 billion, a price-to-earnings ratio of 31.51, a PEG ratio of 4.91 and a beta of 0.74. Public Storage has a one year low of $256.31 and a one year high of $369.99.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be given a dividend of $3.00 per share. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.95%. Public Storage’s payout ratio is 112.89%.

Insider Buying and Selling at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the 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 transaction, the insider now directly owns 2,364 shares in the company, valued at approximately $751,728.36. This represents a 15.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 11.00% of the company’s stock.

Public Storage Company 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.