Public Storage (NYSE:PSA) Stock Position Decreased by Avantax Advisory Services Inc.

Avantax Advisory Services Inc. cut its position in shares of Public Storage (NYSE:PSA) by 12.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,967 shares of the real estate investment trust’s stock after selling 1,415 shares during the period. Avantax Advisory Services Inc.’s holdings in Public Storage were worth $2,985,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Quent Capital LLC raised its stake in shares of Public Storage by 135.1% during the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 50 shares in the last quarter. Prospera Private Wealth LLC purchased a new stake in shares of Public Storage during the 3rd quarter worth about $34,000. Synergy Asset Management LLC purchased a new stake in shares of Public Storage during the 4th quarter worth about $38,000. Toth Financial Advisory Corp raised its stake in shares of Public Storage by 48.2% during the 4th quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock worth $61,000 after purchasing an additional 66 shares in the last quarter. Finally, McIlrath & Eck LLC raised its stake in shares of Public Storage by 24.6% in the 3rd quarter. McIlrath & Eck LLC now owns 218 shares of the real estate investment trust’s stock valued at $79,000 after acquiring an additional 43 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PSA shares. Scotiabank cut 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. Wells Fargo & Company cut their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Royal Bank of Canada cut their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 26th. Truist Financial raised their price objective on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Finally, Barclays reissued an “overweight” rating and issued a $354.00 price objective (down from $361.00) on shares of Public Storage in a research note on Wednesday. Seven investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $339.69.

Public Storage Price Performance

Shares of NYSE:PSA opened at $298.29 on Friday. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. The firm has a market capitalization of $52.33 billion, a PE ratio of 30.98, a PEG ratio of 4.91 and a beta of 0.73. The business’s 50 day moving average is $299.80 and its 200-day moving average is $323.59. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.02%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage’s payout ratio is presently 112.89%.

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.