Advocate Group LLC Decreases Stock Holdings in Public Storage (NYSE:PSA)

Advocate Group LLC lessened its holdings in Public Storage (NYSE:PSA) by 3.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,328 shares of the real estate investment trust’s stock after selling 572 shares during the period. Advocate Group LLC’s holdings in Public Storage were worth $5,488,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Prospera Private Wealth LLC purchased a new stake in shares of Public Storage in the third quarter valued at about $34,000. Ashton Thomas Securities LLC purchased a new stake in shares of Public Storage in the third quarter valued at about $38,000. Compagnie Lombard Odier SCmA purchased a new stake in shares of Public Storage in the third quarter valued at about $50,000. Harbor Capital Advisors Inc. acquired a new position in shares of Public Storage in the third quarter valued at approximately $55,000. Finally, Toth Financial Advisory Corp raised its position in shares of Public Storage by 48.2% in the fourth quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock valued at $61,000 after buying an additional 66 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Insider Activity

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $317.99, for a total transaction of $143,095.50. Following the transaction, the insider now directly owns 2,364 shares in the company, valued at $751,728.36. This represents a 15.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 11.00% of the company’s stock.

Public Storage Price Performance

Shares of PSA stock opened at $292.04 on Friday. The company has a market capitalization of $51.14 billion, a PE ratio of 30.33, a price-to-earnings-growth ratio of 4.68 and a beta of 0.74. The firm has a fifty day simple moving average of $312.93 and a 200-day simple moving average of $325.54. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were paid a $3.00 dividend. The ex-dividend date was Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 4.11%. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Wells Fargo & Company cut their price objective on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Truist Financial boosted their price objective on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Morgan Stanley boosted their price objective on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and upped their price target for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Finally, Evercore ISI dropped their price target on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Seven equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $344.54.

Public Storage Company 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.