Farther Finance Advisors LLC Sells 315 Shares of Public Storage (NYSE:PSA)

Farther Finance Advisors LLC decreased its holdings in shares of Public Storage (NYSE:PSA) by 15.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,747 shares of the real estate investment trust’s stock after selling 315 shares during the quarter. Farther Finance Advisors LLC’s holdings in Public Storage were worth $523,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in PSA. Sigma Planning Corp bought a new stake in Public Storage during the 3rd quarter valued at approximately $238,000. Apollon Wealth Management LLC boosted its stake in Public Storage by 26.5% during the 3rd quarter. Apollon Wealth Management LLC now owns 1,688 shares of the real estate investment trust’s stock valued at $614,000 after purchasing an additional 354 shares during the period. GSA Capital Partners LLP bought a new stake in shares of Public Storage in the 3rd quarter worth approximately $512,000. Oppenheimer Asset Management Inc. lifted its position in shares of Public Storage by 31.9% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 7,360 shares of the real estate investment trust’s stock worth $2,678,000 after acquiring an additional 1,782 shares during the period. Finally, Huntington National Bank lifted its position in shares of Public Storage by 5.4% in the 3rd quarter. Huntington National Bank now owns 645 shares of the real estate investment trust’s stock worth $235,000 after acquiring an additional 33 shares during the period. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

PSA stock opened at $298.29 on Monday. The business’s 50-day moving average price is $299.80 and its two-hundred day moving average price is $323.47. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The firm has a market cap of $52.33 billion, a PE ratio of 30.98, a P/E/G ratio of 4.91 and a beta of 0.73. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be issued a dividend of $3.00 per share. The ex-dividend date is Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 4.02%. Public Storage’s dividend payout ratio is presently 112.89%.

Wall Street Analyst Weigh In

A number of analysts have commented on PSA shares. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and raised their price objective for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Barclays reiterated an “overweight” rating and issued a $354.00 price objective (down from $361.00) on shares of Public Storage in a research report on Wednesday. Scotiabank decreased their price objective on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research report on Wednesday, March 5th. Royal Bank of Canada decreased their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 26th. Finally, Truist Financial increased 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. Seven equities research analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $339.69.

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.