Laffer Tengler Investments Inc. Cuts Stock Holdings in Public Storage (NYSE:PSA)

Laffer Tengler Investments Inc. lessened its stake in Public Storage (NYSE:PSA) by 3.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,808 shares of the real estate investment trust’s stock after selling 59 shares during the quarter. Laffer Tengler Investments Inc.’s holdings in Public Storage were worth $541,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in PSA. Carrera Capital Advisors grew its position in Public Storage by 33.9% during the fourth quarter. Carrera Capital Advisors now owns 8,861 shares of the real estate investment trust’s stock valued at $2,653,000 after acquiring an additional 2,243 shares during the period. Commerzbank Aktiengesellschaft FI grew its holdings in shares of Public Storage by 40.4% during the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 4,734 shares of the real estate investment trust’s stock worth $1,401,000 after purchasing an additional 1,363 shares during the period. State of Michigan Retirement System increased its position in Public Storage by 0.4% during the 4th quarter. State of Michigan Retirement System now owns 47,121 shares of the real estate investment trust’s stock worth $14,110,000 after purchasing an additional 200 shares in the last quarter. Steward Partners Investment Advisory LLC raised its holdings in Public Storage by 23.7% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,895 shares of the real estate investment trust’s stock valued at $1,466,000 after buying an additional 939 shares during the period. Finally, Meridian Wealth Management LLC acquired a new position in Public Storage during the fourth quarter valued at approximately $395,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PSA has been the subject of several research reports. Wells Fargo & Company decreased their price objective on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Truist Financial upped their price target on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. 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, February 26th. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and upped their target price for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Finally, Barclays dropped their target price on Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. Seven research 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 company’s stock. According to data from MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and an average target price of $340.69.

Public Storage Price Performance

Shares of NYSE PSA opened at $305.82 on Wednesday. The business has a 50 day simple moving average of $298.63 and a 200-day simple moving average of $325.04. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The company has a market capitalization of $53.65 billion, a price-to-earnings ratio of 31.76, a price-to-earnings-growth ratio of 4.91 and a beta of 0.74. 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 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage’s payout ratio is 112.89%.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction dated 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 directly owns 2,364 shares in the company, valued at $751,728.36. This trade represents a 15.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 11.00% of the company’s stock.

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.