Advocate Group LLC Lowers Stake in Public Storage (NYSE:PSA)

Advocate Group LLC lowered its stake in shares of Public Storage (NYSE:PSA) by 3.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 18,328 shares of the real estate investment trust’s stock after selling 572 shares during the period. Advocate Group LLC’s holdings in Public Storage were worth $5,488,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Prospera Private Wealth LLC purchased a new position in shares of Public Storage during the 3rd quarter worth approximately $34,000. Ashton Thomas Securities LLC purchased a new position in Public Storage in the 3rd quarter valued at approximately $38,000. Compagnie Lombard Odier SCmA purchased a new position in Public Storage in the 3rd quarter valued at approximately $50,000. Harbor Capital Advisors Inc. purchased a new position in Public Storage in the 3rd quarter valued at approximately $55,000. Finally, Toth Financial Advisory Corp boosted its position in Public Storage by 48.2% in the 4th quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock valued at $61,000 after buying an additional 66 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on PSA. Royal Bank of Canada decreased their price target on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Wells Fargo & Company reduced their price objective on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Truist Financial raised their price objective on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Morgan Stanley raised their price objective on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and raised their price objective for the company from $298.00 to $299.00 in a report on Friday, January 10th. Seven equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $344.54.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the sale, the insider now owns 2,364 shares of the company’s stock, valued at $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 11.00% of the company’s stock.

Public Storage Trading Up 0.2 %

NYSE PSA opened at $292.04 on Friday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market cap of $51.14 billion, a PE ratio of 30.33, a P/E/G ratio of 4.68 and a beta of 0.74. Public Storage has a one year low of $256.31 and a one year high of $369.99. The firm’s fifty day moving average is $312.93 and its two-hundred day moving average is $325.54.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.11%. The ex-dividend date of this dividend was Friday, December 13th. Public Storage’s payout ratio is 124.61%.

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.