Steward Partners Investment Advisory LLC Decreases Stock Position in Public Storage (NYSE:PSA)

Steward Partners Investment Advisory LLC lessened its position in Public Storage (NYSE:PSAFree Report) by 24.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,460 shares of the real estate investment trust’s stock after selling 1,411 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Public Storage were worth $1,360,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PSA. Norges Bank purchased a new position in Public Storage during the fourth quarter worth approximately $821,151,000. JPMorgan Chase & Co. lifted its position in Public Storage by 29.9% during the third quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock worth $835,032,000 after buying an additional 729,262 shares in the last quarter. Lazard Asset Management LLC lifted its position in Public Storage by 555.6% during the third quarter. Lazard Asset Management LLC now owns 615,154 shares of the real estate investment trust’s stock worth $162,104,000 after buying an additional 521,322 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Public Storage by 22.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,470,839 shares of the real estate investment trust’s stock worth $633,949,000 after buying an additional 451,864 shares in the last quarter. Finally, Invesco Ltd. lifted its position in Public Storage by 29.0% during the third quarter. Invesco Ltd. now owns 1,141,415 shares of the real estate investment trust’s stock worth $300,786,000 after buying an additional 256,326 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. BMO Capital Markets lifted their price objective on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 19th. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $280.00 to $310.00 in a research note on Friday, April 5th. Scotiabank raised their target price on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research note on Monday, March 18th. Barclays cut their target price on Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a research note on Monday, May 20th. Finally, Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price for the company in a research note on Thursday, March 28th. One analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $304.75.

View Our Latest Stock Report on PSA

Public Storage Trading Up 2.1 %

Shares of NYSE PSA opened at $273.83 on Monday. Public Storage has a twelve month low of $233.18 and a twelve 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. The stock has a fifty day simple moving average of $273.83 and a 200-day simple moving average of $280.14. The stock has a market capitalization of $48.12 billion, a PE ratio of 24.87, a PEG ratio of 3.82 and a beta of 0.63.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Wednesday, June 12th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.38%. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Insider Activity at Public Storage

In other Public Storage news, Director Kristy Pipes purchased 2,149 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was bought at an average cost of $278.96 per share, with a total value of $599,485.04. Following the acquisition, the director now directly owns 2,149 shares of the company’s stock, valued at $599,485.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 11.10% of the stock is currently owned by company insiders.

Public Storage Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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