Guidance Capital Inc. Acquires 47 Shares of Public Storage (NYSE:PSA)

by · The Cerbat Gem

Guidance Capital Inc. raised its holdings in Public Storage (NYSE:PSA – Free Report) by 3.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,309 shares of the real estate investment trust’s stock after acquiring an additional 47 shares during the period. Guidance Capital Inc.’s holdings in Public Storage were worth $335,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Sunbelt Securities Inc. purchased a new stake in shares of Public Storage during the 1st quarter valued at $26,000. Pinnacle Bancorp Inc. raised its holdings in shares of Public Storage by 200.0% during the 2nd quarter. Pinnacle Bancorp Inc. now owns 90 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 60 shares in the last quarter. Focused Wealth Management Inc purchased a new position in shares of Public Storage during the 2nd quarter valued at about $29,000. ICA Group Wealth Management LLC purchased a new position in shares of Public Storage during the fourth quarter worth approximately $29,000. Finally, Glass Jacobson Investment Advisors llc purchased a new position in shares of Public Storage during the second quarter worth approximately $34,000. 78.75% of the stock is owned by hedge funds and other institutional investors.

Public Storage Price Performance

Shares of NYSE PSA opened at $297.93 on Friday. Public Storage has a 1 year low of $233.18 and a 1 year high of $316.48. The company’s 50-day moving average is $261.80 and its 200 day moving average is $273.81. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a market capitalization of $52.39 billion, a P/E ratio of 27.31, a P/E/G ratio of 4.08 and a beta of 0.52.

Public Storage (NYSE:PSA – Get Free Report) last announced its quarterly earnings data on Monday, October 30th. The real estate investment trust reported $3.20 earnings per share for the quarter, missing analysts’ consensus estimates of $4.21 by ($1.01). The business had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Public Storage had a return on equity of 34.76% and a net margin of 45.46%. Public Storage’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter last year, the company posted $4.13 EPS. On average, sell-side analysts expect that Public Storage will post 16.82 earnings per share for the current year.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Wednesday, December 13th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Tuesday, December 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.03%. Public Storage’s dividend payout ratio is currently 109.99%.

Insider Transactions at Public Storage

In related news, insider Nathaniel A. Vitan sold 265 shares of the stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $282.17, for a total transaction of $74,775.05. Following the sale, the insider now directly owns 13,021 shares of the company’s stock, valued at approximately $3,674,135.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director John Reyes sold 50,000 shares of Public Storage stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $275.98, for a total value of $13,799,000.00. Following the completion of the sale, the director now directly owns 174,192 shares in the company, valued at $48,073,508.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nathaniel A. Vitan sold 265 shares of Public Storage stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $282.17, for a total transaction of $74,775.05. Following the completion of the sale, the insider now directly owns 13,021 shares of the company’s stock, valued at approximately $3,674,135.57. The disclosure for this sale can be found here. Over the last three months, insiders have sold 55,665 shares of company stock valued at $15,268,673. Insiders own 11.00% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on PSA. Truist Financial reiterated a “buy” rating and issued a $305.00 price objective on shares of Public Storage in a report on Tuesday, October 31st. The Goldman Sachs Group initiated coverage on shares of Public Storage in a report on Wednesday, September 27th. They set a “buy” rating and a $310.00 price target for the company. StockNews.com started coverage on shares of Public Storage in a report on Saturday, October 21st. They set a “hold” rating for the company. Morgan Stanley began coverage on shares of Public Storage in a research report on Thursday, September 21st. They issued an “equal weight” rating and a $250.00 price objective on the stock. Finally, Stifel Nicolaus reduced their price target on Public Storage from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, September 13th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $297.14.

Check Out Our Latest Research Report on PSA

Public Storage Company Profile

(Free Report)

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, 2023, we had: (i) interests in 3,028 self-storage facilities located in 40 states with approximately 217 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 267 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.

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