Fifth Third Bancorp Sells 184 Shares of Public Storage (NYSE:PSA)

Fifth Third Bancorp lowered its holdings in Public Storage (NYSE:PSA) by 0.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 51,411 shares of the real estate investment trust’s stock after selling 184 shares during the period. Fifth Third Bancorp’s holdings in Public Storage were worth $15,395,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Public Storage by 732.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock worth $561,763,000 after acquiring an additional 1,358,493 shares in the last quarter. Adelante Capital Management LLC lifted its holdings in Public Storage by 389.9% during the 3rd quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock worth $532,465,000 after purchasing an additional 1,164,630 shares in the last quarter. FMR LLC boosted its stake in 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 purchasing an additional 869,066 shares during the period. Daiwa Securities Group Inc. grew its holdings in Public Storage by 57.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust’s stock valued at $405,278,000 after buying an additional 405,847 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in Public Storage by 80.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 218,867 shares of the real estate investment trust’s stock valued at $79,639,000 after buying an additional 97,302 shares in the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Evercore ISI cut 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 research report on Monday, October 14th. Barclays reduced 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. Morgan Stanley increased their price objective on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Wells Fargo & Company reduced their target price on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and raised their price target for the company from $298.00 to $299.00 in a 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’s stock. According to data from MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and an average target price of $344.54.

Insider Buying and Selling at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the company’s stock in a transaction dated 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 transaction, the insider now directly owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 11.00% of the stock is currently owned by corporate insiders.

Public Storage Price Performance

Shares of NYSE:PSA opened at $292.04 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock has a market cap of $51.14 billion, a PE ratio of 30.33, a PEG ratio of 4.68 and a beta of 0.74. The company’s fifty day moving average is $312.93 and its 200 day moving average is $325.54. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.11%. The ex-dividend date was Friday, December 13th. Public Storage’s payout ratio is 124.61%.

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.