Naviter Wealth LLC Sells 862 Shares of Public Storage (NYSE:PSA)

Naviter Wealth LLC decreased its position in Public Storage (NYSE:PSA) by 7.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,014 shares of the real estate investment trust’s stock after selling 862 shares during the quarter. Naviter Wealth LLC’s holdings in Public Storage were worth $3,644,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. OFI Invest Asset Management bought a new stake in Public Storage during the second quarter worth $32,000. Opal Wealth Advisors LLC purchased a new stake in shares of Public Storage during the 2nd quarter worth approximately $36,000. Riverview Trust Co bought a new stake in shares of Public Storage in the 1st quarter worth approximately $37,000. Crewe Advisors LLC bought a new stake in shares of Public Storage in the 1st quarter worth approximately $39,000. Finally, EdgeRock Capital LLC purchased a new position in Public Storage in the second quarter valued at approximately $39,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PSA has been the subject of a number of research reports. Wells Fargo & Company increased their target price on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Citigroup lifted their price objective on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target for the company. in a report on Monday, August 5th. Morgan Stanley boosted their price objective on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Finally, Wolfe Research raised Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $337.00.

Public Storage Price Performance

PSA traded down $2.22 during trading on Thursday, reaching $345.42. The stock had a trading volume of 123,060 shares, compared to its average volume of 707,759. The stock has a market cap of $60.70 billion, a PE ratio of 31.59, a PEG ratio of 4.82 and a beta of 0.68. The business has a 50-day moving average of $344.50 and a 200-day moving average of $304.36. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. Public Storage has a one year low of $233.18 and a one year high of $369.99.

Public Storage (NYSE:PSA) last issued its quarterly earnings data 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 company had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. During the same period in the previous year, the firm posted $4.28 earnings per share. The firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date was Friday, September 13th. Public Storage’s dividend payout ratio 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.