Checchi Capital Advisers LLC Acquires 183 Shares of Public Storage (NYSE:PSA)

Checchi Capital Advisers LLC increased its holdings in Public Storage (NYSE:PSA) by 7.6% during the 4th quarter, Holdings Channel reports. The firm owned 2,585 shares of the real estate investment trust’s stock after buying an additional 183 shares during the period. Checchi Capital Advisers LLC’s holdings in Public Storage were worth $774,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Impact Investors Inc bought a new stake in shares of Public Storage in the fourth quarter worth about $200,000. Lake Street Advisors Group LLC grew its stake in shares of Public Storage by 14.5% in the fourth quarter. Lake Street Advisors Group LLC now owns 992 shares of the real estate investment trust’s stock worth $297,000 after purchasing an additional 126 shares during the last quarter. Sterling Investment Advisors Ltd. grew its stake in shares of Public Storage by 5.0% in the fourth quarter. Sterling Investment Advisors Ltd. now owns 3,125 shares of the real estate investment trust’s stock worth $936,000 after purchasing an additional 150 shares during the last quarter. Amalgamated Bank grew its stake in shares of Public Storage by 2.5% in the fourth quarter. Amalgamated Bank now owns 32,870 shares of the real estate investment trust’s stock worth $9,843,000 after purchasing an additional 797 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Public Storage by 2.0% in the fourth quarter. Bank of New York Mellon Corp now owns 1,097,640 shares of the real estate investment trust’s stock worth $328,677,000 after purchasing an additional 21,165 shares during the last quarter. 78.79% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Nathaniel A. Vitan sold 450 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the completion of the transaction, the insider now directly owns 2,364 shares in the company, valued at $751,728.36. The trade was a 15.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 11.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

PSA has been the topic of several research reports. Wells Fargo & Company cut their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Barclays cut their price objective on Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a research report on Monday, January 13th. Royal Bank of Canada cut their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research report on Wednesday. Truist Financial lifted their price objective on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Finally, Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and lifted their price objective for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Seven investment analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $340.69.

Public Storage Price Performance

PSA stock opened at $304.45 on Thursday. The firm has a 50 day moving average price of $297.85 and a 200-day moving average price of $325.31. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99. The firm has a market capitalization of $53.31 billion, a price-to-earnings ratio of 31.61, a PEG ratio of 4.91 and a beta of 0.74. 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.94%. Public Storage’s payout ratio is currently 112.89%.

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.