Public Storage $PSA Shares Sold by Confluence Wealth Services Inc.

Confluence Wealth Services Inc. cut its holdings in shares of Public Storage (NYSE:PSA) by 74.6% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,710 shares of the real estate investment trust’s stock after selling 5,017 shares during the period. Confluence Wealth Services Inc.’s holdings in Public Storage were worth $484,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of PSA. Bruce G. Allen Investments LLC boosted its position in Public Storage by 89.6% during the second quarter. Bruce G. Allen Investments LLC now owns 91 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 43 shares in the last quarter. Continuum Advisory LLC acquired a new stake in Public Storage in the second quarter valued at approximately $29,000. William Mack & Associates Inc. acquired a new stake in Public Storage in the third quarter valued at approximately $35,000. Westside Investment Management Inc. acquired a new stake in Public Storage in the third quarter valued at approximately $35,000. Finally, Meeder Asset Management Inc. purchased a new stake in shares of Public Storage in the second quarter valued at approximately $36,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

PSA has been the subject of several research analyst reports. Mizuho upped their target price on Public Storage from $316.00 to $319.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 2nd. UBS Group increased their target price on Public Storage from $294.00 to $334.00 and gave the company a “neutral” rating in a research report on Wednesday, November 4th. Raymond James Financial started coverage on shares of Public Storage in a research note on Thursday, July 16th. They issued a “market perform” rating on the stock. Evercore set a $308.00 price target on shares of Public Storage in a research note on Monday, September 21st. Finally, Truist Financial boosted their price target on shares of Public Storage from $317.00 to $365.00 and gave the stock a “buy” rating in a report on Thursday. Seven equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. Based on data from MarketBeat, Public Storage currently has an average rating of “Hold” and a consensus target price of $328.32.

Public Storage Stock Down 0.7%

PSA stock opened at $333.38 on Friday. Public Storage has a 52 week low of $256.54 and a 52 week high of $345.89. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.16. The firm has a 50-day simple moving average of $302.96 and a 200-day simple moving average of $305.05. The stock has a market capitalization of $62.29 billion, a P/E ratio of 34.91, a P/E/G ratio of 4.96 and a beta of 0.89.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Monday, October 26th. The real estate investment trust reported $1.69 earnings per share for the quarter, missing analysts’ consensus estimates of $2.49 by ($0.80). The company had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Public Storage had a net margin of 37.76% and a return on equity of 29.93%. The company’s quarterly revenue was up .5% compared to the same quarter last year. During the same period in the prior year, the business posted $4.31 earnings per share. Equities analysts forecast that Public Storage will post 16.97 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 8th. Shareholders of record on Tuesday, December 15th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.6%. The ex-dividend date is Tuesday, December 15th. Public Storage’s payout ratio is 125.65%.

About Public Storage

Public Storage is a real estate investment trust that owns and operates self-storage facilities. Its properties offer individuals and businesses rental storage units in a range of sizes for household goods, business inventory, and other belongings. The company also provides related services, including storage protection plans. Founded in 1972, Public Storage has grown into a major self-storage provider in the United States, with facilities serving customers across the country. Its business also has a connection to Europe through its investment in Shurgard Self Storage, which operates self-storage properties in several European markets.