Atticus Wealth Management LLC Grows Stock Holdings in Public Storage (NYSE:PSA)

Atticus Wealth Management LLC increased its position in Public Storage (NYSE:PSA) by 10.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 816 shares of the real estate investment trust’s stock after acquiring an additional 74 shares during the period. Atticus Wealth Management LLC’s holdings in Public Storage were worth $244,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Public Storage by 732.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock valued at $561,763,000 after purchasing an additional 1,358,493 shares during the last quarter. Adelante Capital Management LLC lifted its stake in Public Storage by 389.9% in the 3rd quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock valued at $532,465,000 after buying an additional 1,164,630 shares in the last quarter. FMR LLC grew its holdings in Public Storage by 20.9% during the 3rd quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock valued at $1,828,763,000 after buying an additional 869,066 shares during the last quarter. Daiwa Securities Group Inc. increased its position in Public Storage by 57.3% during the third quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust’s stock worth $405,278,000 after buying an additional 405,847 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its position in shares of Public Storage by 80.0% in the third quarter. BNP Paribas Financial Markets now owns 218,867 shares of the real estate investment trust’s stock valued at $79,639,000 after acquiring an additional 97,302 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 450 shares of the business’s 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 transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 11.00% of the company’s stock.

Public Storage Stock Performance

Public Storage stock opened at $292.04 on Monday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99. The company has a market cap of $51.14 billion, a price-to-earnings ratio of 30.33, a price-to-earnings-growth ratio of 4.68 and a beta of 0.74. The stock’s 50-day moving average is $312.93 and its 200-day moving average is $325.80.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were given a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.11%. The ex-dividend date of this dividend was Friday, December 13th. Public Storage’s payout ratio is currently 124.61%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on PSA shares. Barclays dropped their price objective on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research report on Monday, January 13th. Evercore ISI reduced their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Royal Bank of Canada lowered their target price on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Wells Fargo & Company cut their price target on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and raised their price objective for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Seven analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $344.54.

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.