338 Shares in Public Storage (NYSE:PSA) Acquired by Sherman Asset Management Inc.

Sherman Asset Management Inc. acquired a new position in shares of Public Storage (NYSE:PSA) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 338 shares of the real estate investment trust’s stock, valued at approximately $101,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Aew Capital Management L P boosted its position in shares of Public Storage by 108.6% during the 4th quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust’s stock worth $131,574,000 after purchasing an additional 228,740 shares during the period. Flputnam Investment Management Co. boosted its position in shares of Public Storage by 2.3% during the 4th quarter. Flputnam Investment Management Co. now owns 79,564 shares of the real estate investment trust’s stock worth $23,825,000 after purchasing an additional 1,763 shares during the period. QRG Capital Management Inc. boosted its position in shares of Public Storage by 5.3% during the 4th quarter. QRG Capital Management Inc. now owns 20,982 shares of the real estate investment trust’s stock worth $6,283,000 after purchasing an additional 1,056 shares during the period. Proficio Capital Partners LLC purchased a new position in shares of Public Storage during the 4th quarter worth approximately $66,253,000. Finally, FUKOKU MUTUAL LIFE INSURANCE Co boosted its position in shares of Public Storage by 28.0% during the 4th quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 1,149 shares of the real estate investment trust’s stock worth $344,000 after purchasing an additional 251 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Insider Transactions at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction 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 directly owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. The trade was a 15.99 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 11.00% of the company’s stock.

Public Storage Price Performance

Public Storage stock opened at $303.46 on Friday. The stock has a market cap of $53.14 billion, a P/E ratio of 31.51, a price-to-earnings-growth ratio of 4.91 and a beta of 0.74. The company has a fifty day simple moving average of $298.29 and a 200-day simple moving average of $325.15. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders 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 annualized dividend and a dividend yield of 3.95%. Public Storage’s dividend payout ratio (DPR) is currently 112.89%.

Wall Street Analysts Forecast Growth

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

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.