Public Storage (NYSE:PSA) Position Lessened by Sheaff Brock Investment Advisors LLC

Sheaff Brock Investment Advisors LLC trimmed its position in shares of Public Storage (NYSE:PSA) by 0.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,589 shares of the real estate investment trust’s stock after selling 41 shares during the period. Sheaff Brock Investment Advisors LLC’s holdings in Public Storage were worth $1,331,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Gold Investment Management Ltd. purchased a new stake in shares of Public Storage during the fourth quarter worth $849,000. Raymond James & Associates raised its holdings in Public Storage by 4.3% during the fourth quarter. Raymond James & Associates now owns 114,482 shares of the real estate investment trust’s stock valued at $34,917,000 after buying an additional 4,695 shares in the last quarter. Ellsworth Advisors LLC raised its holdings in Public Storage by 615.7% during the fourth quarter. Ellsworth Advisors LLC now owns 19,803 shares of the real estate investment trust’s stock valued at $6,040,000 after buying an additional 17,036 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Public Storage by 4.2% during the fourth quarter. The Manufacturers Life Insurance Company now owns 129,091 shares of the real estate investment trust’s stock valued at $39,373,000 after buying an additional 5,239 shares in the last quarter. Finally, Global Assets Advisory LLC bought a new position in Public Storage during the first quarter valued at about $7,319,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Stock Performance

PSA stock traded up $5.82 during trading on Friday, reaching $300.74. 366,832 shares of the stock were exchanged, compared to its average volume of 709,508. Public Storage has a twelve month low of $233.18 and a twelve month high of $314.93. The company has a market capitalization of $52.85 billion, a P/E ratio of 27.32, a price-to-earnings-growth ratio of 4.31 and a beta of 0.65. The stock has a 50 day simple moving average of $286.41 and a 200-day simple moving average of $282.60. 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 company also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Wednesday, June 12th were given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date of this dividend was Wednesday, June 12th. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PSA. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price on the stock in a report on Thursday, March 28th. Scotiabank raised their target price on Public Storage from $289.00 to $314.00 and gave the company a “sector perform” rating in a report on Friday, July 19th. Evercore ISI raised their price target on Public Storage from $289.00 to $300.00 and gave the company an “in-line” rating in a research report on Monday, July 15th. Barclays lowered their price target 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. Finally, Wells Fargo & Company raised their price target on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research report on Friday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $310.55.

Insider Buying and Selling

In related news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction dated 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 directly owns 3,214 shares of the company’s stock, valued at $881,568.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Kristy Pipes acquired 2,149 shares of the firm’s stock in a transaction on Tuesday, May 14th. The shares were bought at an average cost of $278.96 per share, with a total value of $599,485.04. Following the completion of the acquisition, the director now owns 2,149 shares of the company’s stock, valued at $599,485.04. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $274.29, for a total value of $109,716.00. Following the sale, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The disclosure for this sale can be found here. 11.00% 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.