Public Storage (NYSE:PSA) Shares Sold by B. Riley Wealth Advisors Inc.

B. Riley Wealth Advisors Inc. decreased its holdings in shares of Public Storage (NYSE:PSA) by 16.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,218 shares of the real estate investment trust’s stock after selling 421 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Public Storage were worth $676,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Integrated Wealth Concepts LLC increased its stake in Public Storage by 16.1% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 9,741 shares of the real estate investment trust’s stock valued at $2,567,000 after buying an additional 1,349 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Public Storage by 8.0% during the third quarter. The Manufacturers Life Insurance Company now owns 123,852 shares of the real estate investment trust’s stock worth $32,638,000 after purchasing an additional 9,223 shares in the last quarter. Gold Investment Management Ltd. acquired a new stake in Public Storage in the fourth quarter valued at about $849,000. Raymond James & Associates boosted its holdings in Public Storage by 4.3% in the 4th quarter. Raymond James & Associates now owns 114,482 shares of the real estate investment trust’s stock valued at $34,917,000 after purchasing an additional 4,695 shares in the last quarter. Finally, Ellsworth Advisors LLC increased its position in Public Storage by 615.7% during the 4th quarter. Ellsworth Advisors LLC now owns 19,803 shares of the real estate investment trust’s stock worth $6,040,000 after purchasing an additional 17,036 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analysts Set New Price Targets

PSA has been the topic of several research analyst reports. Barclays decreased their target price on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research report on Monday, May 20th. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price for the company in a report on Thursday, March 28th. Scotiabank lifted their price target on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research report on Monday, March 18th. Wells Fargo & Company upgraded Public Storage from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $280.00 to $310.00 in a report on Friday, April 5th. Finally, BMO Capital Markets lifted their price objective on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a report on Tuesday, March 19th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $303.00.

Public Storage Stock Performance

NYSE PSA opened at $291.05 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $312.25. The business has a fifty day moving average of $273.51 and a 200-day moving average of $282.31. The stock has a market cap of $51.15 billion, a price-to-earnings ratio of 26.44, a price-to-earnings-growth ratio of 4.08 and a beta of 0.63.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th will be given a dividend of $3.00 per share. The ex-dividend date is Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.12%. Public Storage’s dividend payout ratio (DPR) is 108.99%.

Insiders Place Their Bets

In other Public Storage news, Director Kristy Pipes bought 2,149 shares of the business’s stock in a transaction dated 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 purchase, the director now owns 2,149 shares in the company, valued at approximately $599,485.04. The purchase was disclosed in a document filed with the SEC, which is available through this link. In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of the company’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 owns 3,214 shares in the company, valued at approximately $881,568.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kristy Pipes acquired 2,149 shares of the stock in a transaction on Tuesday, May 14th. The stock was purchased at an average cost of $278.96 per share, with a total value of $599,485.04. Following the transaction, the director now directly owns 2,149 shares of the company’s stock, valued at $599,485.04. The disclosure for this purchase can be found here. 11.00% of the stock is owned by insiders.

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.