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

Posted by Stephan Byrd on Jan 18th, 2023

Pinnacle Associates Ltd. boosted its position in shares of Public Storage (NYSE:PSA – Get Rating) by 20.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,039 shares of the real estate investment trust’s stock after buying an additional 177 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Public Storage were worth $304,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Private Ocean LLC acquired a new stake in shares of Public Storage in the third quarter valued at about $31,000. Ronald Blue Trust Inc. acquired a new stake in shares of Public Storage in the second quarter valued at about $37,000. American National Bank grew its position in shares of Public Storage by 75.0% in the third quarter. American National Bank now owns 147 shares of the real estate investment trust’s stock valued at $43,000 after purchasing an additional 63 shares during the period. Northern Oak Wealth Management Inc. grew its position in shares of Public Storage by 161.3% in the second quarter. Northern Oak Wealth Management Inc. now owns 162 shares of the real estate investment trust’s stock valued at $51,000 after purchasing an additional 100 shares during the period. Finally, Benjamin F. Edwards & Company Inc. grew its position in shares of Public Storage by 116.5% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 223 shares of the real estate investment trust’s stock valued at $65,000 after purchasing an additional 120 shares during the period. Institutional investors and hedge funds own 77.88% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Joseph D. Russell, Jr. purchased 2,500 shares of the company’s stock in a transaction on Monday, December 12th. The stock was acquired at an average cost of $297.65 per share, for a total transaction of $744,125.00. Following the completion of the transaction, the chief executive officer now directly owns 45,982 shares in the company, valued at $13,686,542.30. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 11.00% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Morgan Stanley decreased their price target on shares of Public Storage from $298.00 to $290.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 13th. Raymond James downgraded shares of Public Storage from an “outperform” rating to a “market perform” rating in a research note on Monday, January 9th. Finally, StockNews.com assumed coverage on shares of Public Storage in a research note 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.