Checchi Capital Advisers LLC Has $626,000 Holdings in Public Storage (NYSE:PSA)

Checchi Capital Advisers LLC cut its holdings in shares of Public Storage (NYSE:PSA) by 5.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,176 shares of the real estate investment trust’s stock after selling 129 shares during the quarter. Checchi Capital Advisers LLC’s holdings in Public Storage were worth $626,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of PSA. International Assets Investment Management LLC acquired a new position in shares of Public Storage during the fourth quarter worth approximately $3,112,000. Atria Wealth Solutions Inc. raised its stake in shares of Public Storage by 34.0% in the fourth quarter. Atria Wealth Solutions Inc. now owns 5,579 shares of the real estate investment trust’s stock valued at $1,702,000 after purchasing an additional 1,416 shares in the last quarter. Syon Capital LLC raised its stake in shares of Public Storage by 11.8% in the fourth quarter. Syon Capital LLC now owns 1,005 shares of the real estate investment trust’s stock valued at $306,000 after purchasing an additional 106 shares in the last quarter. Kovack Advisors Inc. raised its stake in shares of Public Storage by 8.7% in the fourth quarter. Kovack Advisors Inc. now owns 1,394 shares of the real estate investment trust’s stock valued at $425,000 after purchasing an additional 111 shares in the last quarter. Finally, Golden State Equity Partners acquired a new position in shares of Public Storage in the fourth quarter valued at $204,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on PSA shares. Barclays upped their target price on Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price for the company. in a research note on Monday, August 5th. Evercore ISI upped their target price on Public Storage from $330.00 to $334.00 and gave the company an “in-line” rating in a research note on Wednesday. Truist Financial lowered Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a research note on Thursday, August 1st. Finally, Wells Fargo & Company increased their price objective on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Public Storage has an average rating of “Hold” and a consensus target price of $319.25.

Insider Transactions at Public Storage

In other news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction 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 in the company, valued at $881,568.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 11.00% of the company’s stock.

Public Storage Price Performance

Shares of PSA stock traded down $4.95 during trading hours on Wednesday, hitting $337.64. 203,731 shares of the company’s stock were exchanged, compared to its average volume of 708,375. The stock’s 50-day moving average is $303.60 and its 200-day moving average is $286.63. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market cap of $59.33 billion, a price-to-earnings ratio of 30.82, a price-to-earnings-growth ratio of 5.28 and a beta of 0.65. Public Storage has a 52 week low of $233.18 and a 52 week high of $343.47.

Public Storage (NYSE:PSA) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing the consensus estimate of $4.20 by ($1.54). The business had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. Public Storage’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.28 EPS. As a group, research analysts forecast that Public Storage will post 16.74 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.55%. The ex-dividend date is Friday, September 13th. Public Storage’s payout ratio is presently 108.99%.

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.