Envestnet Portfolio Solutions Inc. Lowers Stake in Public Storage (NYSE:PSA)

Envestnet Portfolio Solutions Inc. decreased its position in shares of Public Storage (NYSE:PSA - Free Report) by 29.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,107 shares of the real estate investment trust's stock after selling 1,733 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Public Storage were worth $1,230,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of PSA. Empowered Funds LLC boosted its stake in shares of Public Storage by 9.5% in the third quarter. Empowered Funds LLC now owns 2,530 shares of the real estate investment trust's stock worth $921,000 after acquiring an additional 220 shares during the period. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Public Storage in the 3rd quarter worth approximately $1,415,000. Prospera Private Wealth LLC purchased a new stake in Public Storage during the 3rd quarter valued at approximately $34,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in Public Storage by 114.2% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust's stock valued at $33,302,000 after buying an additional 48,803 shares in the last quarter. Finally, Raymond James Trust N.A. raised its position in shares of Public Storage by 11.2% during the third quarter. Raymond James Trust N.A. now owns 2,193 shares of the real estate investment trust's stock valued at $798,000 after buying an additional 221 shares during the last quarter. Institutional investors own 78.79% of the company's stock.

Public Storage Trading Down 2.0 %

Shares of PSA stock traded down $5.96 during trading hours on Tuesday, reaching $288.97. 610,234 shares of the stock were exchanged, compared to its average volume of 680,711. The firm has a market capitalization of $50.69 billion, a price-to-earnings ratio of 30.01, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The company's 50-day moving average price is $300.04 and its 200-day moving average price is $321.10. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

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Public Storage Dividend Announcement

The firm 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 is Thursday, March 13th. This represents a $12.00 annualized dividend and a dividend yield of 4.15%. Public Storage's dividend payout ratio (DPR) is presently 112.89%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PSA. Royal Bank of Canada cut their target price on shares of Public Storage from $342.00 to $329.00 and set a "sector perform" rating for the company in a research note on Wednesday, February 26th. 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. Deutsche Bank Aktiengesellschaft raised Public Storage from a "sell" rating to a "hold" rating and increased their price target for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Scotiabank reduced their price objective on Public Storage from $338.00 to $333.00 and set a "sector perform" rating on the stock in a research note on Wednesday, March 5th. Finally, Truist Financial lowered their price objective on shares of Public Storage from $316.00 to $310.00 and set a "hold" rating for the company in a research report on Tuesday, March 18th. Seven investment analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $338.00.

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.