Public Storage (NYSE:PSA) Stake Decreased by First Horizon Advisors Inc.

Posted by on Feb 15th, 2023

First Horizon Advisors Inc. trimmed its holdings in Public Storage (NYSE:PSA – Get Rating) by 52.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 107 shares of the real estate investment trust’s stock after selling 117 shares during the quarter. First Horizon Advisors Inc.’s holdings in Public Storage were worth $31,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Public Storage by 10.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 71,321 shares of the real estate investment trust’s stock valued at $20,884,000 after purchasing an additional 6,758 shares during the period. Orion Portfolio Solutions LLC increased its stake in Public Storage by 6.2% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 3,375 shares of the real estate investment trust’s stock valued at $988,000 after buying an additional 198 shares during the period. South Dakota Investment Council raised its position in shares of Public Storage by 0.5% during the 3rd quarter. South Dakota Investment Council now owns 20,901 shares of the real estate investment trust’s stock worth $6,120,000 after buying an additional 100 shares in the last quarter. Silvant Capital Management LLC raised its position in shares of Public Storage by 4,460.1% during the 3rd quarter. Silvant Capital Management LLC now owns 18,879 shares of the real estate investment trust’s stock worth $5,528,000 after buying an additional 18,465 shares in the last quarter. Finally, Resources Investment Advisors LLC. acquired a new stake in shares of Public Storage in the 3rd quarter worth approximately $261,000. 77.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Joseph D. Russell, Jr. purchased 2,500 shares of the company’s stock in a transaction that occurred on Monday, December 12th. The shares were purchased at an average price of $297.65 per share, with a total value of $744,125.00. Following the purchase, the chief executive officer now owns 45,982 shares of the company’s stock, valued at approximately $13,686,542.30. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 11.00% of the stock is currently owned by company insiders.

Public Storage Trading Down 0.5 %

Public Storage stock opened at $300.88 on Wednesday. Public Storage has a 1 year low of $270.13 and a 1 year high of $421.76. The firm’s 50 day moving average price is $291.83 and its two-hundred day moving average price is $303.81. The firm has a market cap of $52.85 billion, a price-to-earnings ratio of 12.23, a price-to-earnings-growth ratio of 2.36 and a beta of 0.44. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.50 and a current ratio of 1.50.

Public Storage Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 30th. Stockholders of record on Wednesday, March 15th will be given a dividend of $3.00 per share. The ex-dividend date of this dividend is Tuesday, March 14th. This is a positive change from Public Storage’s previous quarterly dividend of $2.00. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.99%. Public Storage’s payout ratio is 32.52%.

Analyst Ratings Changes

Separately, Raymond James cut Public Storage from an “outperform” rating to a “market perform” rating in a report on Monday, January 9th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Public Storage presently has an average rating of “Hold” and an average price target of $368.91.

About Public Storage

(Get Rating)

Public Storage operates as a real estate investment trust, which engages in acquiring, developing, owning and operating self-storage facilities. It operates through the following segments: Self-storage Operations, Ancillary Operations, and Other Items. The Self-storage Operations segment reflects the rental operations from all self-storage facilities.

Featured Articles

Want to see what other hedge funds are holding PSA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Storage (NYSE:PSA – Get Rating).

Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

Receive News & Ratings for Public Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Public Storage and related companies with MarketBeat.com's FREE daily email newsletter.