Kovack Advisors Inc. Decreases Position in Public Storage (NYSE:PSA)

Kovack Advisors Inc. trimmed its position in Public Storage (NYSE:PSA) by 3.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 996 shares of the real estate investment trust’s stock after selling 34 shares during the period. Kovack Advisors Inc.’s holdings in Public Storage were worth $298,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of PSA. Assenagon Asset Management S.A. raised its holdings in shares of Public Storage by 12.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,709 shares of the real estate investment trust’s stock valued at $1,713,000 after purchasing an additional 535 shares in the last quarter. Diversify Wealth Management LLC acquired a new stake in Public Storage during the 3rd quarter worth $210,000. HM Payson & Co. raised its stake in Public Storage by 17.8% during the 3rd quarter. HM Payson & Co. now owns 424 shares of the real estate investment trust’s stock worth $154,000 after acquiring an additional 64 shares in the last quarter. Stephens Inc. AR raised its stake in Public Storage by 3.2% during the 3rd quarter. Stephens Inc. AR now owns 36,925 shares of the real estate investment trust’s stock worth $13,436,000 after acquiring an additional 1,146 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its stake in Public Storage by 6.8% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,062 shares of the real estate investment trust’s stock worth $750,000 after acquiring an additional 132 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Performance

Shares of PSA stock opened at $303.46 on Friday. The company’s fifty day simple moving average is $298.29 and its 200-day simple moving average is $325.15. The company has a market cap of $53.14 billion, a PE ratio of 31.51, a P/E/G ratio of 4.91 and a beta of 0.74. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99. 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.95%. The ex-dividend date is Thursday, March 13th. Public Storage’s dividend payout ratio is currently 112.89%.

Insiders Place Their Bets

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $317.99, for a total transaction of $143,095.50. Following the completion of the transaction, the insider now directly owns 2,364 shares of the company’s stock, valued at $751,728.36. This trade represents a 15.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 11.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on PSA. Wells Fargo & Company cut their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and lifted their price objective for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Truist Financial lifted their target price on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. 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. Finally, Royal Bank of Canada dropped their price target on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research note on Wednesday. Seven research 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 stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $340.69.

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.