Hennion & Walsh Asset Management Inc. Sells 438 Shares of Public Storage (NYSE:PSA)

Hennion & Walsh Asset Management Inc. lowered its stake in Public Storage (NYSE:PSA) by 9.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,992 shares of the real estate investment trust’s stock after selling 438 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Public Storage were worth $1,158,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. JPMorgan Chase & Co. increased its stake in Public Storage by 29.9% in the third quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock valued at $835,032,000 after purchasing an additional 729,262 shares in the last quarter. Norges Bank acquired a new position in Public Storage during the 4th quarter worth approximately $821,151,000. Charles Schwab Investment Management Inc. boosted its holdings in Public Storage by 8.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,687,170 shares of the real estate investment trust’s stock worth $794,161,000 after acquiring an additional 216,331 shares in the last quarter. APG Asset Management US Inc. grew its stake in Public Storage by 4.7% in the fourth quarter. APG Asset Management US Inc. now owns 2,074,617 shares of the real estate investment trust’s stock valued at $632,758,000 after acquiring an additional 93,122 shares during the period. Finally, Morgan Stanley grew its stake in Public Storage by 0.8% in the third quarter. Morgan Stanley now owns 1,680,149 shares of the real estate investment trust’s stock valued at $442,753,000 after acquiring an additional 13,864 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Insider Buying and Selling

In related news, Director Kristy Pipes acquired 2,149 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The stock was acquired at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the acquisition, the director now owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Kristy Pipes bought 2,149 shares of Public Storage stock in a transaction dated Tuesday, May 14th. The stock was purchased at an average cost of $278.96 per share, with a total value of $599,485.04. Following the transaction, the director now directly owns 2,149 shares of the company’s stock, valued at $599,485.04. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the sale, the insider now owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The disclosure for this sale can be found here. 11.10% of the stock is owned by insiders.

Public Storage Stock Performance

Shares of PSA opened at $287.65 on Monday. The stock has a 50 day moving average of $276.19 and a 200 day moving average of $282.86. The company has a market capitalization of $50.55 billion, a price-to-earnings ratio of 26.13, a PEG ratio of 4.02 and a beta of 0.65. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.59.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th were paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date of this dividend was Wednesday, June 12th. Public Storage’s payout ratio is 108.99%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PSA. Scotiabank increased their target price on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a report on Monday, March 18th. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $280.00 to $310.00 in a report on Friday, April 5th. BMO Capital Markets boosted their price objective on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a report on Tuesday, March 19th. Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective for the company in a research note on Thursday, March 28th. Finally, Barclays cut their target price on Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research report on Monday, May 20th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Public Storage has an average rating of “Moderate Buy” and a consensus target price of $303.00.

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.