Public Storage (NYSE:PSA) Shares Purchased by Pinnacle Associates Ltd.

Posted by Stephan Byrd on Jan 18th, 2023

Pinnacle Associates Ltd. lifted its holdings in Public Storage (NYSE:PSA – Get Rating) by 20.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,039 shares of the real estate investment trust’s stock after acquiring an additional 177 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Public Storage were worth $304,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PSA. AMI Investment Management Inc. acquired a new stake in shares of Public Storage in the first quarter worth $267,000. Blair William & Co. IL grew its position in Public Storage by 7.3% during the first quarter. Blair William & Co. IL now owns 2,668 shares of the real estate investment trust’s stock valued at $1,041,000 after buying an additional 182 shares during the period. Prudential PLC acquired a new stake in Public Storage during the first quarter valued at $1,374,000. Sequoia Financial Advisors LLC acquired a new stake in Public Storage during the first quarter valued at $398,000. Finally, Candriam Luxembourg S.C.A. grew its position in Public Storage by 19.0% during the first quarter. Candriam Luxembourg S.C.A. now owns 13,506 shares of the real estate investment trust’s stock valued at $5,271,000 after buying an additional 2,156 shares during the period. Institutional investors and hedge funds own 77.88% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Joseph D. Russell, Jr. bought 2,500 shares of Public Storage stock in a transaction on Monday, December 12th. The shares were bought at an average cost of $297.65 per share, with a total value of $744,125.00. Following the completion of the purchase, the chief executive officer now directly owns 45,982 shares of the company’s stock, valued at $13,686,542.30. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.00% of the stock is owned by insiders.

Analyst Ratings Changes

PSA has been the topic of several research analyst reports. Morgan Stanley dropped their target price on shares of Public Storage from $298.00 to $290.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 13th. Raymond James lowered shares of Public Storage from an “outperform” rating to a “market perform” rating in a research report on Monday, January 9th. Finally, StockNews.com assumed coverage on shares of Public Storage in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Public Storage currently has an average rating of “Hold” and a consensus price target of $368.91.

Public Storage Price Performance

Shares of PSA stock opened at $291.60 on Wednesday. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.50 and a quick ratio of 1.50. The firm’s 50-day moving average is $289.71 and its two-hundred day moving average is $306.40. Public Storage has a 12 month low of $270.13 and a 12 month high of $421.76. The company has a market capitalization of $51.22 billion, a PE ratio of 11.85, a price-to-earnings-growth ratio of 2.25 and a beta of 0.39.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 29th. Shareholders of record on Wednesday, December 14th were paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date of this dividend was Tuesday, December 13th. Public Storage’s dividend payout ratio (DPR) is presently 32.52%.

About Public Storage

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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 September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020.