Sumitomo Mitsui Trust Holdings Inc. Sells 5,612 Shares of Public Storage (NYSE:PSA)

Sumitomo Mitsui Trust Holdings Inc. lowered its stake in shares of Public Storage (NYSE:PSA) by 0.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 874,161 shares of the real estate investment trust’s stock after selling 5,612 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Public Storage were worth $253,559,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Silverlake Wealth Management LLC raised its position in shares of Public Storage by 13.8% during the first quarter. Silverlake Wealth Management LLC now owns 3,007 shares of the real estate investment trust’s stock valued at $872,000 after buying an additional 365 shares during the last quarter. Naviter Wealth LLC increased its position in shares of Public Storage by 13.4% during the first quarter. Naviter Wealth LLC now owns 10,206 shares of the real estate investment trust’s stock valued at $2,960,000 after purchasing an additional 1,204 shares during the period. Eagle Ridge Investment Management lifted its position in Public Storage by 25.1% in the first quarter. Eagle Ridge Investment Management now owns 76,933 shares of the real estate investment trust’s stock worth $22,315,000 after purchasing an additional 15,449 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Public Storage by 20.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 139,074 shares of the real estate investment trust’s stock worth $40,340,000 after buying an additional 23,531 shares in the last quarter. Finally, SteelPeak Wealth LLC increased its holdings in Public Storage by 15.1% in the 1st quarter. SteelPeak Wealth LLC now owns 10,249 shares of the real estate investment trust’s stock valued at $2,973,000 after buying an additional 1,343 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Insider Buying and Selling at Public Storage

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

Public Storage Trading Up 0.7 %

Shares of NYSE PSA opened at $287.34 on Thursday. Public Storage has a 1-year low of $233.18 and a 1-year high of $312.25. The company has a 50-day moving average of $277.08 and a two-hundred day moving average of $282.77. The company has a market cap of $50.49 billion, a PE ratio of 26.10, a P/E/G ratio of 4.15 and a beta of 0.65. 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.18%. The ex-dividend date of this dividend was Wednesday, June 12th. Public Storage’s dividend payout ratio is 108.99%.

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.