Sovereign Financial Group Inc. Has $312,000 Stock Holdings in Public Storage (NYSE:PSA)

Sovereign Financial Group Inc. grew its stake in Public Storage (NYSE:PSA) by 12.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,075 shares of the real estate investment trust’s stock after purchasing an additional 118 shares during the quarter. Sovereign Financial Group Inc.’s holdings in Public Storage were worth $312,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in PSA. AdvisorNet Financial Inc lifted its stake in Public Storage by 3.2% in the fourth quarter. AdvisorNet Financial Inc now owns 1,139 shares of the real estate investment trust’s stock valued at $347,000 after acquiring an additional 35 shares during the last quarter. Gryphon Financial Partners LLC increased its stake in Public Storage by 2.5% in the fourth quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock valued at $476,000 after acquiring an additional 38 shares during the last quarter. Brookstone Capital Management raised its position in Public Storage by 3.4% during the first quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock valued at $354,000 after purchasing an additional 40 shares in the last quarter. RB Capital Management LLC lifted its stake in Public Storage by 1.1% during the third quarter. RB Capital Management LLC now owns 3,978 shares of the real estate investment trust’s stock worth $1,048,000 after purchasing an additional 43 shares during the last quarter. Finally, Bangor Savings Bank lifted its holdings in shares of Public Storage by 0.8% in the first quarter. Bangor Savings Bank now owns 5,359 shares of the real estate investment trust’s stock worth $1,554,000 after acquiring an additional 43 shares during the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Public Storage Stock Performance

NYSE PSA opened at $286.55 on Friday. The firm has a market cap of $50.36 billion, a P/E ratio of 26.03, a price-to-earnings-growth ratio of 4.03 and a beta of 0.63. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. The company’s 50 day moving average is $275.12 and its 200-day moving average is $282.68. Public Storage has a 12-month low of $233.18 and a 12-month high of $312.25.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th were issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date of this dividend was Wednesday, June 12th. Public Storage’s payout ratio is presently 108.99%.

Insider Buying and Selling at Public Storage

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

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.