Brookstone Capital Management Buys 40 Shares of Public Storage (NYSE:PSA)

Brookstone Capital Management lifted its position in Public Storage (NYSE:PSA) by 3.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,222 shares of the real estate investment trust’s stock after purchasing an additional 40 shares during the quarter. Brookstone Capital Management’s holdings in Public Storage were worth $354,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. JPMorgan Chase & Co. raised its position in Public Storage by 29.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock valued at $835,032,000 after purchasing an additional 729,262 shares during the last quarter. Norges Bank acquired a new position in Public Storage during the 4th quarter worth about $821,151,000. Charles Schwab Investment Management Inc. grew its holdings in Public Storage by 8.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,687,170 shares of the real estate investment trust’s stock worth $794,161,000 after acquiring an additional 216,331 shares during the last quarter. APG Asset Management US Inc. increased its position in Public Storage by 4.7% in the 4th quarter. APG Asset Management US Inc. now owns 2,074,617 shares of the real estate investment trust’s stock valued at $632,758,000 after acquiring an additional 93,122 shares in the last quarter. Finally, Morgan Stanley raised its stake in shares of Public Storage by 0.8% in the third quarter. Morgan Stanley now owns 1,680,149 shares of the real estate investment trust’s stock worth $442,753,000 after acquiring an additional 13,864 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. BMO Capital Markets boosted their price objective on shares of Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 19th. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price for the company in a research report on Thursday, March 28th. Scotiabank upped their price target on Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research note on Monday, March 18th. Barclays lowered their price objective on Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a research report on Monday, May 20th. Finally, Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $280.00 to $310.00 in a research report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $303.00.

Public Storage Price Performance

Public Storage stock opened at $283.13 on Tuesday. The firm has a market capitalization of $49.75 billion, a P/E ratio of 25.72, a PEG ratio of 4.02 and a beta of 0.65. The business has a 50-day moving average of $276.19 and a 200-day moving average of $282.86. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.59. Public Storage has a 1 year low of $233.18 and a 1 year high of $312.25.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.24%. The ex-dividend date of this dividend was Wednesday, June 12th. Public Storage’s payout ratio is presently 108.99%.

Insiders Place Their Bets

In related news, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the sale, the insider now owns 3,214 shares in the company, valued at approximately $881,568.06. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the transaction, the insider now owns 3,214 shares in the company, valued at approximately $881,568.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kristy Pipes bought 2,149 shares of the stock in a transaction that occurred on Tuesday, May 14th. The shares were acquired at an average cost of $278.96 per share, with a total value of $599,485.04. Following the completion of the purchase, the director now owns 2,149 shares in the company, valued at approximately $599,485.04. The disclosure for this purchase can be found here. Company insiders own 11.10% of the company’s stock.

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.