Charles Schwab Investment Management Inc. Sells 11,377 Shares of Public Storage (NYSE:PSA)

Charles Schwab Investment Management Inc. reduced its stake in shares of Public Storage (NYSE:PSA) by 0.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,801,759 shares of the real estate investment trust’s stock after selling 11,377 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Public Storage were worth $838,959,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. State of Michigan Retirement System raised its holdings in Public Storage by 0.4% during the fourth quarter. State of Michigan Retirement System now owns 47,121 shares of the real estate investment trust’s stock valued at $14,110,000 after buying an additional 200 shares in the last quarter. Steward Partners Investment Advisory LLC raised its holdings in Public Storage by 23.7% during 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 in the last quarter. Meridian Wealth Management LLC bought a new position in Public Storage during the fourth quarter valued at about $395,000. Fidelis Capital Partners LLC raised its holdings in Public Storage by 17.1% during the fourth quarter. Fidelis Capital Partners LLC now owns 953 shares of the real estate investment trust’s stock valued at $282,000 after buying an additional 139 shares in the last quarter. Finally, Plato Investment Management Ltd raised its holdings in Public Storage by 2.4% during the fourth quarter. Plato Investment Management Ltd now owns 6,182 shares of the real estate investment trust’s stock valued at $1,858,000 after buying an additional 145 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors.

Public Storage Stock Up 2.4 %

PSA stock opened at $310.86 on Tuesday. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The company has a market cap of $54.53 billion, a PE ratio of 32.28, a price-to-earnings-growth ratio of 4.91 and a beta of 0.74. The business’s 50-day simple moving average is $298.53 and its 200 day simple moving average is $325.14. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date is Thursday, March 13th. Public Storage’s payout ratio is 112.89%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Royal Bank of Canada cut their target price on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and lifted their price objective for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Truist Financial lifted their price objective on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research note on Thursday, December 5th. Barclays dropped their price objective on Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Finally, Wells Fargo & Company dropped their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $340.69.

Insider Buying and Selling at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $317.99, for a total transaction of $143,095.50. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company 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.