FUKOKU MUTUAL LIFE INSURANCE Co Grows Holdings in Public Storage (NYSE:PSA)

FUKOKU MUTUAL LIFE INSURANCE Co raised its position in shares of Public Storage (NYSE:PSA) by 28.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,149 shares of the real estate investment trust’s stock after purchasing an additional 251 shares during the quarter. FUKOKU MUTUAL LIFE INSURANCE Co’s holdings in Public Storage were worth $344,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Private Advisor Group LLC boosted its position in Public Storage by 13.3% in the third quarter. Private Advisor Group LLC now owns 5,849 shares of the real estate investment trust’s stock worth $2,128,000 after purchasing an additional 688 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Public Storage by 12.8% in the third quarter. Assenagon Asset Management S.A. now owns 4,709 shares of the real estate investment trust’s stock worth $1,713,000 after acquiring an additional 535 shares in the last quarter. Pallas Capital Advisors LLC lifted its stake in Public Storage by 58.1% in the third quarter. Pallas Capital Advisors LLC now owns 1,404 shares of the real estate investment trust’s stock worth $475,000 after purchasing an additional 516 shares during the last quarter. Integrated Advisors Network LLC boosted its holdings in Public Storage by 3.9% during the 3rd quarter. Integrated Advisors Network LLC now owns 3,026 shares of the real estate investment trust’s stock valued at $1,101,000 after acquiring an additional 114 shares during the period. Finally, GW Henssler & Associates Ltd. purchased a new position in Public Storage in the 3rd quarter worth about $223,000. Institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

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

Public Storage Price Performance

Shares of NYSE PSA opened at $304.45 on Thursday. The firm has a market capitalization of $53.31 billion, a PE ratio of 31.61, a P/E/G ratio of 4.91 and a beta of 0.74. The business’s fifty day moving average price is $297.85 and its two-hundred day moving average price is $325.31. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 3.94%. Public Storage’s payout ratio is 112.89%.

Insider Buying and Selling

In related news, insider Nathaniel A. Vitan sold 450 shares of the business’s stock in a transaction dated 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 in the company, valued at $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 11.00% of the stock is currently owned by insiders.

Public Storage Company 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.