Sheaff Brock Investment Advisors LLC Trims Stake in Public Storage (NYSE:PSA)

Sheaff Brock Investment Advisors LLC cut its stake in Public Storage (NYSE:PSA) by 1.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,295 shares of the real estate investment trust’s stock after selling 60 shares during the quarter. Sheaff Brock Investment Advisors LLC’s holdings in Public Storage were worth $1,563,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in PSA. Dearborn Partners LLC lifted its position in Public Storage by 5.2% during the 3rd quarter. Dearborn Partners LLC now owns 2,543 shares of the real estate investment trust’s stock worth $925,000 after acquiring an additional 125 shares during the period. CIBC Asset Management Inc increased its stake in shares of Public Storage by 7.5% in the 3rd quarter. CIBC Asset Management Inc now owns 23,769 shares of the real estate investment trust’s stock valued at $8,649,000 after purchasing an additional 1,665 shares in the last quarter. OneDigital Investment Advisors LLC increased its stake in shares of Public Storage by 6.9% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 1,770 shares of the real estate investment trust’s stock valued at $644,000 after purchasing an additional 115 shares in the last quarter. Nicola Wealth Management LTD. increased its stake in shares of Public Storage by 17.9% in the 3rd quarter. Nicola Wealth Management LTD. now owns 8,550 shares of the real estate investment trust’s stock valued at $3,111,000 after purchasing an additional 1,300 shares in the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. increased its stake in Public Storage by 13.3% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,434 shares of the real estate investment trust’s stock worth $1,613,000 after buying an additional 519 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Trading Down 0.2 %

Shares of PSA opened at $331.20 on Friday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a 50 day simple moving average of $346.40 and a 200-day simple moving average of $313.25. Public Storage has a 1-year low of $251.49 and a 1-year high of $369.99. The stock has a market cap of $58.00 billion, a price-to-earnings ratio of 34.44, a price-to-earnings-growth ratio of 5.57 and a beta of 0.70.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.62%. Public Storage’s dividend payout ratio (DPR) is 124.61%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PSA. Evercore ISI lowered their target price on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Wells Fargo & Company decreased their price target on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Truist Financial lowered Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a research report on Thursday, August 1st. Wolfe Research raised Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Finally, Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a report on Monday, August 5th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $339.64.

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.