Public Storage (NYSE:PSA) Shares Sold by Wealthfront Advisers LLC

Wealthfront Advisers LLC lessened its stake in Public Storage (NYSE:PSA - Free Report) by 18.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 8,513 shares of the real estate investment trust's stock after selling 1,953 shares during the quarter. Wealthfront Advisers LLC's holdings in Public Storage were worth $2,549,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in PSA. Sigma Planning Corp purchased a new position in shares of Public Storage in the 3rd quarter valued at about $238,000. Apollon Wealth Management LLC lifted its stake in Public Storage by 26.5% during the third quarter. Apollon Wealth Management LLC now owns 1,688 shares of the real estate investment trust's stock worth $614,000 after purchasing an additional 354 shares during the last quarter. Harbour Investments Inc. lifted its stake in Public Storage by 34.0% during the third quarter. Harbour Investments Inc. now owns 2,656 shares of the real estate investment trust's stock worth $966,000 after purchasing an additional 674 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in Public Storage during the third quarter worth approximately $512,000. Finally, Prime Capital Investment Advisors LLC lifted its stake in Public Storage by 168.6% during the third quarter. Prime Capital Investment Advisors LLC now owns 4,523 shares of the real estate investment trust's stock worth $1,646,000 after purchasing an additional 2,839 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on PSA. Truist Financial decreased their target price on Public Storage from $316.00 to $310.00 and set a "hold" rating for the company in a research note on Tuesday. Royal Bank of Canada decreased their target price on 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. Wells Fargo & Company decreased their target price on Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a "sell" rating to a "hold" rating and boosted their target price for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Finally, Barclays reiterated an "overweight" rating and issued a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Seven analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $337.38.

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Public Storage Stock Performance

Shares of NYSE:PSA traded down $2.93 during trading on Wednesday, reaching $295.57. The company had a trading volume of 796,061 shares, compared to its average volume of 676,371. The firm has a market capitalization of $51.85 billion, a price-to-earnings ratio of 30.69, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The stock's fifty day moving average price is $299.89 and its 200 day moving average price is $322.86. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage's payout ratio is currently 112.89%.

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.