Ballentine Partners LLC Grows Position in Public Storage (NYSE:PSA)

Ballentine Partners LLC lifted its stake in shares of Public Storage (NYSE:PSA) by 6.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 841 shares of the real estate investment trust’s stock after purchasing an additional 54 shares during the period. Ballentine Partners LLC’s holdings in Public Storage were worth $252,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in PSA. EverSource Wealth Advisors LLC boosted its position in Public Storage by 122.5% during the second quarter. EverSource Wealth Advisors LLC now owns 267 shares of the real estate investment trust’s stock worth $79,000 after purchasing an additional 147 shares in the last quarter. MBB Public Markets I LLC purchased a new stake in shares of Public Storage in the 2nd quarter worth about $3,296,000. NewEdge Advisors LLC grew its stake in Public Storage by 12.7% in the 2nd quarter. NewEdge Advisors LLC now owns 136,923 shares of the real estate investment trust’s stock valued at $39,386,000 after acquiring an additional 15,459 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in Public Storage by 61.7% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 18,584 shares of the real estate investment trust’s stock valued at $5,346,000 after acquiring an additional 7,090 shares in the last quarter. Finally, Wellington Wealth Strategies LLC. acquired a new position in Public Storage during the second quarter worth about $411,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Insiders Place Their Bets

In related news, insider Nathaniel A. Vitan sold 450 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were 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 of the company’s stock, valued at approximately $751,728.36. This represents a 15.99 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

PSA has been the topic of several research reports. Truist Financial increased their price target on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Barclays cut their price target on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and increased their price objective for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Royal Bank of Canada cut their target price on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Finally, Morgan Stanley raised their price target on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Seven 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’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $344.54.

Public Storage Stock Performance

Shares of PSA stock opened at $292.04 on Friday. The firm has a market capitalization of $51.14 billion, a price-to-earnings ratio of 30.33, a price-to-earnings-growth ratio of 4.68 and a beta of 0.74. The company has a 50 day moving average price of $312.93 and a 200 day moving average price of $325.54. Public Storage has a one year low of $256.31 and a one year high of $369.99. 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 company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.11%. The ex-dividend date of this dividend was Friday, December 13th. Public Storage’s payout ratio is currently 124.61%.

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.