B. Riley Wealth Advisors Inc. Has $632,000 Stake in Public Storage (NYSE:PSA)

B. Riley Wealth Advisors Inc. reduced its stake in shares of Public Storage (NYSE:PSA) by 21.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,756 shares of the real estate investment trust’s stock after selling 489 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Public Storage were worth $632,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Prospera Private Wealth LLC bought a new position in Public Storage during the 3rd quarter worth approximately $34,000. Ashton Thomas Securities LLC bought a new position in shares of Public Storage during the third quarter worth $38,000. EdgeRock Capital LLC bought a new position in shares of Public Storage during the second quarter worth $39,000. Compagnie Lombard Odier SCmA acquired a new position in shares of Public Storage in the 3rd quarter valued at $50,000. Finally, Harbor Capital Advisors Inc. bought a new stake in shares of Public Storage in the 3rd quarter valued at $55,000. 78.79% of the stock is owned by institutional investors.

Insider Activity at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $317.99, for a total value of $143,095.50. Following the completion of the transaction, the insider now directly owns 2,364 shares in the company, valued at $751,728.36. This trade represents a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 11.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on PSA shares. Wells Fargo & Company decreased their target price on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Truist Financial boosted their price objective on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Scotiabank raised their target price on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. Evercore ISI cut their price target on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Finally, Citigroup increased their price objective on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $342.07.

Public Storage Stock Down 4.3 %

Public Storage stock opened at $299.88 on Thursday. 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 1-year low of $256.31 and a 1-year high of $369.99. The company has a fifty day simple moving average of $335.06 and a 200 day simple moving average of $323.65. The company has a market cap of $52.51 billion, a P/E ratio of 31.14, a price-to-earnings-growth ratio of 5.29 and a beta of 0.71.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.00%. The ex-dividend date is Friday, December 13th. Public Storage’s payout ratio is 124.61%.

About Public Storage

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.