Naviter Wealth LLC Sells 2,897 Shares of Public Storage $PSA

Naviter Wealth LLC cut its stake in Public Storage (NYSE:PSA) by 22.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,850 shares of the real estate investment trust’s stock after selling 2,897 shares during the quarter. Naviter Wealth LLC’s holdings in Public Storage were worth $2,556,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. First Pacific Financial bought a new position in Public Storage in the 3rd quarter worth $26,000. Harvest Fund Management Co. Ltd bought a new position in Public Storage in the 3rd quarter worth $27,000. Asset Dedication LLC raised its holdings in Public Storage by 111.1% in the 2nd quarter. Asset Dedication LLC now owns 95 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 50 shares in the last quarter. Raiffeisen Bank International AG bought a new position in Public Storage in the 3rd quarter worth $30,000. Finally, Tradewinds Capital Management LLC bought a new position in Public Storage in the 3rd quarter worth $33,000. 78.79% of the stock is currently owned by institutional investors.

Public Storage Price Performance

PSA opened at $279.58 on Wednesday. The stock has a 50-day moving average price of $289.11 and a 200-day moving average price of $282.96. The company has a debt-to-equity ratio of 2.05, a current ratio of 0.75 and a quick ratio of 0.75. The firm has a market cap of $49.07 billion, a PE ratio of 31.00, a P/E/G ratio of 5.75 and a beta of 1.02. Public Storage has a 1 year low of $256.54 and a 1 year high of $312.95.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th were given a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend was Monday, March 16th. Public Storage’s payout ratio is currently 133.04%.

Analysts Set New Price Targets

A number of analysts have recently commented on PSA shares. Truist Financial boosted their target price on shares of Public Storage from $315.00 to $317.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Wall Street Zen cut shares of Public Storage from a “hold” rating to a “sell” rating in a report on Sunday, March 29th. JPMorgan Chase & Co. dropped their target price on shares of Public Storage from $295.00 to $291.00 and set a “neutral” rating on the stock in a report on Monday, March 23rd. The Goldman Sachs Group restated a “buy” rating and set a $330.00 target price on shares of Public Storage in a report on Friday, February 20th. Finally, William Blair set a $305.00 target price on shares of Public Storage in a report on Monday, March 16th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $306.53.

About Public Storage

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.