Edgestream Partners L.P. Sells 3,367 Shares of Public Storage (NYSE:PSA)

Edgestream Partners L.P. lowered its position in Public Storage (NYSE:PSA) by 43.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,365 shares of the real estate investment trust’s stock after selling 3,367 shares during the quarter. Edgestream Partners L.P.’s holdings in Public Storage were worth $1,307,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Quent Capital LLC lifted its position in shares of Public Storage by 135.1% during the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 50 shares during the period. Prospera Private Wealth LLC bought a new position in shares of 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 3rd quarter worth approximately $38,000. Synergy Asset Management LLC bought a new position in shares of Public Storage during the 4th quarter worth approximately $38,000. Finally, Toth Financial Advisory Corp lifted its position in shares of Public Storage by 48.2% during the 4th quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock worth $61,000 after buying an additional 66 shares during the period. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Down 0.1 %

NYSE PSA opened at $313.59 on Tuesday. The stock has a fifty day moving average of $299.67 and a 200-day moving average of $324.60. The stock has a market capitalization of $55.01 billion, a P/E ratio of 32.56, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be paid a $3.00 dividend. The ex-dividend date is Thursday, March 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.83%. Public Storage’s dividend payout ratio (DPR) is currently 112.89%.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction 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 sale, the insider now directly owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. This trade represents a 15.99 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 11.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on PSA shares. Scotiabank cut their target price on Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research report on Wednesday, March 5th. Wells Fargo & Company cut their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Royal Bank of Canada cut their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 26th. Truist Financial lifted 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. Finally, Barclays cut their price objective on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research report on Monday, January 13th. Seven analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $340.23.

Public Storage 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.