Commonwealth Equity Services LLC Trims Stock Position in Public Storage (NYSE:PSA)

Commonwealth Equity Services LLC cut its stake in Public Storage (NYSE:PSA) by 1.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 44,280 shares of the real estate investment trust’s stock after selling 814 shares during the period. Commonwealth Equity Services LLC’s holdings in Public Storage were worth $13,259,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PSA. Quent Capital LLC lifted its position in Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 50 shares during the last quarter. Prospera Private Wealth LLC purchased a new stake in Public Storage in the third quarter valued at $34,000. Synergy Asset Management LLC purchased a new stake in Public Storage in the fourth quarter valued at $38,000. Toth Financial Advisory Corp lifted its position in 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 acquiring an additional 66 shares during the last quarter. Finally, Parkworth Wealth Management Inc. purchased a new stake in Public Storage in the fourth quarter valued at $67,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Trading Down 0.7 %

NYSE PSA opened at $298.27 on Wednesday. The stock has a market capitalization 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 52-week low of $256.31 and a 52-week high of $369.99. The firm has a 50-day moving average price of $299.89 and a 200 day moving average price of $322.86. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Announces Dividend

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

Analysts Set New Price Targets

PSA has been the subject of a number of research reports. Truist Financial reduced their target price on shares of Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a report on Tuesday. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and upped their target price for the company from $298.00 to $299.00 in a report on Friday, January 10th. Wells Fargo & Company reduced their target price on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Barclays reaffirmed an “overweight” rating and issued a $354.00 target price (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Finally, Scotiabank reduced their target price on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a report on Wednesday, March 5th. 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 company. According to data from MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and an average price target of $337.38.

About Public Storage

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.