Public Storage (NYSE:PSA) Insider Sells $143,095.50 in Stock

Public Storage (NYSE:PSA) insider Nathaniel A. Vitan sold 450 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 2,364 shares in the company, valued at approximately $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Public Storage Stock Performance

Shares of NYSE:PSA traded up $1.13 on Monday, hitting $318.75. The company’s stock had a trading volume of 172,920 shares, compared to its average volume of 711,173. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The company has a market capitalization of $55.82 billion, a price-to-earnings ratio of 32.98, a price-to-earnings-growth ratio of 5.29 and a beta of 0.71. The stock’s 50-day moving average is $337.34 and its two-hundred day moving average is $323.21. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.76%. Public Storage’s payout ratio is 124.61%.

Analyst Ratings Changes

A number of brokerages have issued reports on PSA. Jefferies Financial Group upped their target price on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Evercore ISI cut their target price on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Scotiabank upped their target price on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. Barclays dropped their price target on Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 12th. Finally, Morgan Stanley upped 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. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and a consensus price target of $342.07.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Prospera Private Wealth LLC bought a new position in shares of Public Storage in the third quarter worth $34,000. Ashton Thomas Securities LLC acquired a new stake in shares of Public Storage in the third quarter valued at $38,000. EdgeRock Capital LLC acquired a new stake in shares of Public Storage in the second quarter valued at $39,000. Compagnie Lombard Odier SCmA acquired a new stake in shares of Public Storage in the third quarter valued at $50,000. Finally, Harbor Capital Advisors Inc. acquired a new stake in shares of Public Storage in the third quarter valued at $55,000. Institutional investors own 78.79% of the company’s stock.

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.