Public Storage (NYSE:PSA) Shares Sold by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC reduced its stake in shares of Public Storage (NYSE:PSA) by 1.8% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 44,280 shares of the real estate investment trust’s stock after selling 814 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Public Storage were worth $13,259,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PSA. Quent Capital LLC grew its position in Public Storage by 135.1% during the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 50 shares during the period. Prospera Private Wealth LLC acquired a new stake in shares of Public Storage in the third quarter valued at approximately $34,000. Synergy Asset Management LLC acquired a new stake in shares of Public Storage in the fourth quarter valued at approximately $38,000. Toth Financial Advisory Corp grew its position in shares of Public Storage by 48.2% in the fourth quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock valued at $61,000 after purchasing an additional 66 shares during the last quarter. Finally, Parkworth Wealth Management Inc. acquired a new stake in shares of Public Storage in the fourth quarter valued at approximately $67,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Performance

NYSE:PSA opened at $298.27 on Wednesday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The company has a market cap of $52.32 billion, a P/E ratio of 30.97, a P/E/G ratio of 4.91 and a beta of 0.73. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The firm’s 50 day moving average is $299.89 and its two-hundred day moving average is $322.86.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage’s dividend payout ratio is presently 112.89%.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and increased their price target for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Scotiabank lowered their price target on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research report on Wednesday, March 5th. Wells Fargo & Company lowered 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 report on Friday, February 21st. Barclays reiterated an “overweight” rating and issued a $354.00 price target (down from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Finally, Truist Financial reduced their price objective on shares of Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a research note on Tuesday. Seven equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus price target of $337.38.

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.