Allspring Global Investments Holdings LLC Has $40.34 Million Stock Position in Public Storage (NYSE:PSA)

Allspring Global Investments Holdings LLC lifted its stake in Public Storage (NYSE:PSA) by 20.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 139,074 shares of the real estate investment trust’s stock after buying an additional 23,531 shares during the period. Allspring Global Investments Holdings LLC owned about 0.08% of Public Storage worth $40,340,000 at the end of the most recent reporting period.

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

Public Storage Price Performance

Public Storage stock opened at $287.34 on Friday. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.59. The firm has a market capitalization of $50.49 billion, a P/E ratio of 26.10, a PEG ratio of 4.18 and a beta of 0.65. The business has a 50-day moving average of $277.59 and a 200-day moving average of $282.80. 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 4.18%. The ex-dividend date 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 Public Storage news, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the transaction, the insider now directly owns 3,214 shares of the company’s stock, valued at $881,568.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kristy Pipes purchased 2,149 shares of the stock in a transaction on Tuesday, May 14th. The stock was acquired at an average price of $278.96 per share, with a total value of $599,485.04. Following the completion of the acquisition, the director now directly owns 2,149 shares of the company’s stock, valued at $599,485.04. The disclosure for this purchase can be found here. Company insiders own 11.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. BMO Capital Markets increased their price objective on shares of Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a report on Tuesday, March 19th. Scotiabank boosted their price objective on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research report on Monday, March 18th. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective on the stock in a research report on Thursday, March 28th. Barclays dropped their target price 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 Public Storage from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $280.00 to $310.00 in a report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, four have assigned 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.com, Public Storage has an average rating of “Moderate Buy” and a consensus target price of $303.00.

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.