Covestor Ltd Sells 230 Shares of Public Storage (NYSE:PSA)

Covestor Ltd trimmed its position in Public Storage (NYSE:PSA) by 31.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 512 shares of the real estate investment trust’s stock after selling 230 shares during the quarter. Covestor Ltd’s holdings in Public Storage were worth $148,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. AdvisorNet Financial Inc raised its position in shares of Public Storage by 3.2% in the 4th 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 period. Gryphon Financial Partners LLC raised its holdings 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 worth $476,000 after purchasing an additional 38 shares during the period. Signet Financial Management LLC grew its holdings in shares of Public Storage by 2.1% in the 1st quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust’s stock valued at $555,000 after buying an additional 39 shares during the period. Brookstone Capital Management increased its position in shares of Public Storage by 3.4% in the 1st quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock valued at $354,000 after buying an additional 40 shares in the last quarter. Finally, Legacy Wealth Asset Management LLC raised its position in shares of Public Storage by 3.5% during the first quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust’s stock worth $357,000 after purchasing an additional 42 shares during the period. 78.79% of the stock is owned by institutional investors.

Insider Buying and Selling at Public Storage

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

Public Storage Stock Performance

Shares of PSA traded down $0.64 during mid-day trading on Wednesday, reaching $301.33. The company’s stock had a trading volume of 201,068 shares, compared to its average volume of 709,527. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.59. The stock has a market cap of $52.95 billion, a P/E ratio of 27.27, a PEG ratio of 4.43 and a beta of 0.65. Public Storage has a 1-year low of $233.18 and a 1-year high of $314.93. The business has a 50-day simple moving average of $286.07 and a two-hundred day simple moving average of $282.42.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th were given a dividend of $3.00 per share. The ex-dividend date of this dividend was Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 3.98%. Public Storage’s dividend payout ratio (DPR) is 108.99%.

Analysts Set New Price Targets

Several research firms have recently weighed in on PSA. Barclays reduced their price target 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. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $280.00 to $310.00 in a research note on Friday, April 5th. Raymond James upgraded 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 raised their price objective on Public Storage from $289.00 to $314.00 and gave the company a “sector perform” rating in a report on Friday, July 19th. Finally, Evercore ISI upped their target price on Public Storage from $289.00 to $300.00 and gave the stock an “in-line” rating in a report on Monday, July 15th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and a consensus price target of $309.64.

Public Storage 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.