Envestnet Asset Management Inc. Trims Holdings in Public Storage (NYSE:PSA)

Envestnet Asset Management Inc. decreased its position in Public Storage (NYSE:PSA - Free Report) by 7.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 167,713 shares of the real estate investment trust's stock after selling 13,965 shares during the period. Envestnet Asset Management Inc. owned about 0.10% of Public Storage worth $50,220,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of PSA. Quent Capital LLC raised its position in Public Storage by 135.1% during the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust's stock worth $26,000 after acquiring an additional 50 shares during the period. Synergy Asset Management LLC acquired a new stake in Public Storage in the 4th quarter worth about $38,000. Millstone Evans Group LLC purchased a new stake in Public Storage during the 4th quarter worth approximately $38,000. Toth Financial Advisory Corp lifted its position in shares of 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 in the last quarter. Finally, Parkworth Wealth Management Inc. acquired a new position in Public Storage in the 4th quarter valued at $67,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PSA has been the topic of a number of recent research reports. Barclays restated an "overweight" rating and set a $354.00 price target (down from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft raised Public Storage from a "sell" rating to a "hold" rating and boosted their price objective for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Truist Financial raised shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective for the company in a report on Thursday, April 10th. Wells Fargo & Company dropped their price target on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Finally, Scotiabank upgraded Public Storage from a "sector perform" rating to a "sector outperform" rating and lowered their price objective for the stock from $333.00 to $305.00 in a research report on Wednesday, April 9th. Six analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage presently has an average rating of "Moderate Buy" and an average price target of $332.08.

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Public Storage Stock Up 1.0 %

Shares of NYSE PSA traded up $2.83 during mid-day trading on Wednesday, hitting $291.74. The company had a trading volume of 98,566 shares, compared to its average volume of 776,038. The business's 50-day simple moving average is $296.53 and its 200 day simple moving average is $312.97. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. The company has a market capitalization of $51.18 billion, a PE ratio of 30.30, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were issued a $3.00 dividend. The ex-dividend date was Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.11%. Public Storage's payout ratio is 112.89%.

Public Storage Company 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.