Nathaniel A. Vitan, the Chief Legal Officer of Public Storage (NYSE:PSA), recently sold 450 common shares of the company. The shares were sold at a price of $317.99 each, resulting in a total transaction value of $143,095. Following this sale, Vitan holds 2,364 shares directly in the $55.79 billion market cap company. Public Storage, a prominent player in the Specialized REITs industry, currently offers a 3.78% dividend yield and has maintained dividend payments for 44 consecutive years. InvestingPro analysis indicates the stock is trading at premium levels relative to its Fair Value.
In addition to his common shares, Vitan has a significant holding of Long-Term Incentive Plan (LTIP) Units, totaling 48,669.9 units. This figure includes a correction of a previous overstatement by 0.77 units and incorporates 7,250 units that are subject to time vesting conditions. These LTIP Units can be converted to common shares on a one-for-one basis, although they do not have an expiration date. For deeper insights into Public Storage's valuation metrics and additional ProTips, visit InvestingPro, where you'll find comprehensive research reports covering 1,400+ top stocks.
In other recent news, Public Storage has reported a slight 3% year-over-year decline in core funds from operations (FFO) to $4.20 per share in its third quarter earnings. Despite a 1.3% dip in same-store revenues, the company has indicated signs of stabilization in its operating fundamentals. RBC Capital has adjusted the price target for Public Storage, bringing it down to $342.00 from the previous $344.00, maintaining its Sector Perform rating for the stock. The firm notes the company's steady revenue growth of 4.97% over the last twelve months and its strong balance sheet, which stands out in the industry. Public Storage's fourth-quarter expectations point to the first sequential growth in over two years, with a revised core FFO guidance for the year standing at $16.50 to $16.85 per share. The company has been focusing on sustainability efforts, such as increasing solar installations and reducing utility usage by 30%. These are among the recent developments surrounding Public Storage.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.