SVB Wealth LLC Cuts Position in Public Storage (NYSE:PSA)

Posted by Defense World Staff on May 28th, 2023

SVB Wealth LLC cut its stake in Public Storage (NYSE:PSA – Get Rating) by 27.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 897 shares of the real estate investment trust’s stock after selling 335 shares during the period. SVB Wealth LLC’s holdings in Public Storage were worth $251,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PSA. Destiny Wealth Partners LLC lifted its stake in Public Storage by 187.5% in the fourth quarter. Destiny Wealth Partners LLC now owns 92 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 60 shares during the last quarter. Hollencrest Capital Management bought a new stake in Public Storage in the fourth quarter worth $28,000. Armstrong Advisory Group Inc. bought a new stake in Public Storage in the fourth quarter worth $33,000. Old North State Trust LLC bought a new position in shares of Public Storage during the third quarter valued at about $42,000. Finally, Wolverine Asset Management LLC bought a new position in shares of Public Storage during the fourth quarter valued at about $44,000. 77.88% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Price Performance

Shares of PSA opened at $286.69 on Friday. The stock has a market cap of $50.40 billion, a PE ratio of 12.19, a price-to-earnings-growth ratio of 3.75 and a beta of 0.45. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.48 and a current ratio of 1.48. Public Storage has a fifty-two week low of $270.13 and a fifty-two week high of $357.13. The firm’s 50-day simple moving average is $293.67 and its two-hundred day simple moving average is $293.45.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 29th. Stockholders of record on Wednesday, June 14th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.19%. The ex-dividend date of this dividend is Tuesday, June 13th. Public Storage’s payout ratio is 51.04%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PSA. StockNews.com began coverage on shares of Public Storage in a research note on Thursday, May 18th. They set a “hold” rating for the company. Bank of America initiated coverage on shares of Public Storage in a research note on Monday, May 8th. They set a “buy” rating for the company. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Public Storage currently has an average rating of “Hold” and a consensus price target of $351.75.

Public Storage Profile

(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.