Azzad Asset Management Inc. ADV Sells 4,810 Shares of Public Storage (NYSE:PSA)

Azzad Asset Management Inc. ADV decreased its position in Public Storage (NYSE:PSA) by 50.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 4,772 shares of the real estate investment trust’s stock after selling 4,810 shares during the quarter. Azzad Asset Management Inc. ADV’s holdings in Public Storage were worth $1,384,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its position in Public Storage by 107.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 44 shares in the last quarter. Core Wealth Advisors Inc. acquired a new position in Public Storage during the 4th quarter worth about $30,000. EdgeRock Capital LLC acquired a new position in Public Storage during the 4th quarter valued at about $32,000. Private Ocean LLC lifted its position in Public Storage by 5,450.0% during the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 109 shares during the period. Finally, Centerpoint Advisors LLC acquired a new position in Public Storage during the 4th quarter valued at about $35,000. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Up 0.8 %

NYSE PSA traded up $2.37 during trading hours on Wednesday, reaching $287.76. 135,820 shares of the company’s stock were exchanged, compared to its average volume of 720,881. The company’s 50-day moving average is $277.08 and its two-hundred day moving average is $282.77. Public Storage has a one year low of $233.18 and a one year high of $312.25. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.54 and a current ratio of 0.54. The company has a market capitalization of $50.57 billion, a price-to-earnings ratio of 26.24, a price-to-earnings-growth ratio of 4.02 and a beta of 0.65.

Public Storage Announces Dividend

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

Wall Street Analyst Weigh In

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

Insider Buying and Selling

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

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.