Public Storage (NYSE:PSA) Shares Sold by Securian Asset Management Inc.

Securian Asset Management Inc. lessened its holdings in Public Storage (NYSE:PSA) by 2.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,074 shares of the real estate investment trust’s stock after selling 213 shares during the quarter. Securian Asset Management Inc.’s holdings in Public Storage were worth $2,610,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Prime Capital Investment Advisors LLC grew its holdings in shares of Public Storage by 24.0% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 1,559 shares of the real estate investment trust’s stock valued at $475,000 after purchasing an additional 302 shares during the period. Stratos Wealth Partners LTD. increased its position in shares of Public Storage by 13.7% during the fourth quarter. Stratos Wealth Partners LTD. now owns 2,464 shares of the real estate investment trust’s stock worth $752,000 after acquiring an additional 296 shares during the period. International Assets Investment Management LLC acquired a new stake in shares of Public Storage in the fourth quarter valued at $3,112,000. Turtle Creek Wealth Advisors LLC purchased a new position in Public Storage in the fourth quarter valued at $35,000. Finally, Sequoia Financial Advisors LLC grew its stake in Public Storage by 382.2% during the 4th quarter. Sequoia Financial Advisors LLC now owns 5,675 shares of the real estate investment trust’s stock worth $1,731,000 after purchasing an additional 4,498 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Insider Activity

In other Public Storage news, Director Kristy Pipes bought 2,149 shares of the stock in a transaction that occurred on Tuesday, May 14th. The shares were acquired at an average price of $278.96 per share, with a total value of $599,485.04. Following the completion of the purchase, the director now directly owns 2,149 shares in the company, valued at approximately $599,485.04. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Kristy Pipes acquired 2,149 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was bought at an average cost of $278.96 per share, with a total value of $599,485.04. Following the completion of the acquisition, the director now owns 2,149 shares in the company, valued at $599,485.04. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the transaction, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The disclosure for this sale can be found here. Corporate insiders own 11.00% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Wells Fargo & Company raised their target price on shares of Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target on the stock. in a research note on Monday, August 5th. Barclays lowered their target price on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a report on Monday, May 20th. Scotiabank cut their target price on Public Storage from $314.00 to $308.00 and set a “sector perform” rating on the stock in a research report on Wednesday, August 7th. Finally, Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $309.92.

Public Storage Stock Down 1.4 %

PSA stock traded down $4.32 during mid-day trading on Monday, hitting $312.72. The stock had a trading volume of 223,371 shares, compared to its average volume of 718,919. The stock has a market capitalization of $54.95 billion, a price-to-earnings ratio of 28.80, a PEG ratio of 5.16 and a beta of 0.65. The company has a fifty day moving average of $293.13 and a 200 day moving average of $283.44. Public Storage has a 1-year low of $233.18 and a 1-year high of $318.50. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72.

Public Storage (NYSE:PSA) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter last year, the firm earned $4.28 earnings per share. Public Storage’s revenue was down 1.0% compared to the same quarter last year. On average, equities analysts expect that Public Storage will post 16.76 EPS for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.84%. The ex-dividend date is Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

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.