Wealthspire Advisors LLC Sells 177 Shares of Public Storage (NYSE:PSA)

Wealthspire Advisors LLC decreased its position in Public Storage (NYSE:PSA) by 17.1% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 861 shares of the real estate investment trust’s stock after selling 177 shares during the quarter. Wealthspire Advisors LLC’s holdings in Public Storage were worth $258,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Public Storage by 732.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock valued at $561,763,000 after buying an additional 1,358,493 shares during the period. Adelante Capital Management LLC boosted its position in shares of Public Storage by 389.9% during the third quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock valued at $532,465,000 after purchasing an additional 1,164,630 shares in the last quarter. FMR LLC boosted its position in shares of Public Storage by 20.9% during the third quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock valued at $1,828,763,000 after purchasing an additional 869,066 shares in the last quarter. Daiwa Securities Group Inc. boosted its position in shares of Public Storage by 57.3% during the third quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust’s stock valued at $405,278,000 after purchasing an additional 405,847 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its position in shares of Public Storage by 80.0% during the third quarter. BNP Paribas Financial Markets now owns 218,867 shares of the real estate investment trust’s stock valued at $79,639,000 after purchasing an additional 97,302 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Trading Up 0.4 %

Shares of PSA opened at $305.50 on Friday. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The company has a market cap of $53.50 billion, a P/E ratio of 31.72, a P/E/G ratio of 4.91 and a beta of 0.74. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The company’s fifty day simple moving average is $298.17 and its 200-day simple moving average is $325.17.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage’s payout ratio is presently 112.89%.

Insider Transactions at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the stock in a transaction dated Friday, December 13th. The shares were 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. This 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. Company insiders own 11.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on PSA. Royal Bank of Canada dropped their target price on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a report on Wednesday. Barclays decreased their price objective on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Truist Financial boosted their price objective 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. Wells Fargo & Company cut their target price on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and upped their price target for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Seven analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $340.69.

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.