YHB Investment Advisors Inc. Buys New Position in Public Storage (NYSE:PSA)

YHB Investment Advisors Inc. purchased a new position in shares of Public Storage (NYSE:PSA) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 506 shares of the real estate investment trust’s stock, valued at approximately $147,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PSA. JPMorgan Chase & Co. boosted its holdings in Public Storage by 29.9% during the third quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock worth $835,032,000 after buying an additional 729,262 shares in the last quarter. Norges Bank acquired a new stake in shares of Public Storage in the 4th quarter worth approximately $821,151,000. Charles Schwab Investment Management Inc. raised its holdings in Public Storage by 8.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,687,170 shares of the real estate investment trust’s stock worth $794,161,000 after purchasing an additional 216,331 shares during the last quarter. Northern Trust Corp grew its holdings in Public Storage by 2.8% in the third quarter. Northern Trust Corp now owns 2,311,981 shares of the real estate investment trust’s stock valued at $609,253,000 after purchasing an additional 63,289 shares during the last quarter. Finally, APG Asset Management US Inc. increased its position in shares of Public Storage by 4.7% in the fourth quarter. APG Asset Management US Inc. now owns 2,074,617 shares of the real estate investment trust’s stock valued at $632,758,000 after buying an additional 93,122 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Trading Up 0.3 %

Shares of PSA traded up $0.69 during mid-day trading on Tuesday, hitting $274.71. The company had a trading volume of 782,754 shares, compared to its average volume of 712,005. Public Storage has a 1-year low of $233.18 and a 1-year high of $312.25. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. The business’s 50-day simple moving average is $272.63 and its 200-day simple moving average is $281.07. The stock has a market cap of $48.27 billion, a PE ratio of 24.95, a P/E/G ratio of 3.82 and a beta of 0.63.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th will be paid a dividend of $3.00 per share. The ex-dividend date is Wednesday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.37%. Public Storage’s dividend payout ratio is presently 108.99%.

Insider Transactions at Public Storage

In other news, Director Kristy Pipes bought 2,149 shares of Public Storage stock in a transaction that occurred on Tuesday, May 14th. The shares were purchased at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the acquisition, the director now owns 2,149 shares of the company’s stock, valued at $599,485.04. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the transaction, the insider now directly owns 3,214 shares of the company’s stock, valued at $881,568.06. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Kristy Pipes acquired 2,149 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was acquired at an average cost of $278.96 per share, with a total value of $599,485.04. Following the transaction, the director now directly owns 2,149 shares of the company’s stock, valued at $599,485.04. The disclosure for this purchase can be found here. Insiders own 11.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PSA. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective on the stock in a research note on Thursday, March 28th. Wells Fargo & Company upgraded Public Storage from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $280.00 to $310.00 in a research report on Friday, April 5th. BMO Capital Markets increased their target price on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a report on Tuesday, March 19th. Barclays cut their price target on Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a report on Monday, May 20th. Finally, Scotiabank increased their price objective on Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research note on Monday, March 18th. One research analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Public Storage currently has an average rating of “Moderate Buy” and a consensus price target of $304.75.

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.