Commerzbank Aktiengesellschaft FI Grows Position in Public Storage (NYSE:PSA)

Commerzbank Aktiengesellschaft FI raised its position in Public Storage (NYSE:PSA) by 40.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 4,734 shares of the real estate investment trust’s stock after buying an additional 1,363 shares during the quarter. Commerzbank Aktiengesellschaft FI’s holdings in Public Storage were worth $1,401,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PSA. Quent Capital LLC raised its holdings in shares of Public Storage by 135.1% during the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 50 shares during the period. Prospera Private Wealth LLC purchased a new stake in shares of Public Storage during the 3rd quarter valued at about $34,000. Ashton Thomas Securities LLC purchased a new stake in shares of Public Storage during the 3rd quarter valued at about $38,000. Synergy Asset Management LLC purchased a new stake in shares of Public Storage during the 4th quarter valued at about $38,000. Finally, Harbor Capital Advisors Inc. purchased a new stake in shares of Public Storage during the 3rd quarter valued at about $55,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PSA. Wells Fargo & Company dropped their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Barclays lowered their price objective on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Royal Bank of Canada lowered their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and raised their price objective for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Finally, Truist Financial raised their price objective on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Seven investment analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $340.69.

Insider Transactions at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of the firm’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 value of $143,095.50. Following the sale, the insider now owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. This trade represents a 15.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 11.00% of the company’s stock.

Public Storage Price Performance

Shares of PSA opened at $305.82 on Wednesday. The firm has a market cap of $53.65 billion, a price-to-earnings ratio of 31.76, a PEG ratio of 4.91 and a beta of 0.74. The stock has a 50 day moving average of $298.63 and a 200-day moving average of $325.04. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be given a $3.00 dividend. The ex-dividend date is Thursday, March 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.92%. Public Storage’s payout ratio is 112.89%.

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.