Montecito Bank & Trust Acquires 268 Shares of Public Storage (NYSE:PSA)

Montecito Bank & Trust boosted its holdings in Public Storage (NYSE:PSA) by 8.5% during the fourth quarter, Holdings Channel.com reports. The fund owned 3,416 shares of the real estate investment trust’s stock after buying an additional 268 shares during the quarter. Montecito Bank & Trust’s holdings in Public Storage were worth $1,023,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp increased its position in shares of Public Storage by 0.5% in the third quarter. State Street Corp now owns 10,370,658 shares of the real estate investment trust’s stock worth $3,773,571,000 after purchasing an additional 55,123 shares during the last quarter. FMR LLC increased its holdings in shares of Public Storage by 20.9% in the 3rd quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock worth $1,828,763,000 after buying an additional 869,066 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Public Storage by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 3,931,572 shares of the real estate investment trust’s stock valued at $1,425,941,000 after buying an additional 52,807 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Public Storage by 2.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,813,136 shares of the real estate investment trust’s stock worth $1,023,080,000 after acquiring an additional 54,992 shares during the last quarter. Finally, APG Asset Management US Inc. grew its position in Public Storage by 4.8% in the second quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock worth $623,485,000 after acquiring an additional 100,000 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Insider Activity at Public Storage

In related 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 value of $143,095.50. Following the sale, the insider now owns 2,364 shares in the company, valued at $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 11.00% of the stock is owned by corporate insiders.

Public Storage Stock Up 0.2 %

NYSE PSA opened at $291.23 on Friday. The business’s 50-day moving average is $314.60 and its 200 day moving average is $325.77. The stock has a market capitalization of $51.00 billion, a PE ratio of 30.24, a PEG ratio of 4.68 and a beta of 0.74. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were paid a dividend of $3.00 per share. The ex-dividend date was Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 4.12%. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

Analysts Set New Price Targets

A number of research firms have weighed in on PSA. Morgan Stanley raised their price target on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Barclays dropped their target price on 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 reduced their price target on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Evercore ISI lowered their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and increased their target price for the company from $298.00 to $299.00 in a report on Friday, January 10th. Seven analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $344.54.

About Public Storage

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.