Ellevest Inc. Reduces Stock Position in Public Storage (NYSE:PSA)

Posted by Defense World Staff on Aug 6th, 2023

Ellevest Inc. cut its stake in Public Storage (NYSE:PSA – Free Report) by 29.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 130 shares of the real estate investment trust’s stock after selling 54 shares during the period. Ellevest Inc.’s holdings in Public Storage were worth $39,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in PSA. Gyroscope Capital Management Group LLC increased its stake in shares of Public Storage by 2.2% during the 4th quarter. Gyroscope Capital Management Group LLC now owns 1,649 shares of the real estate investment trust’s stock worth $462,000 after purchasing an additional 35 shares in the last quarter. Arbor Capital Management Inc. ADV increased its stake in shares of Public Storage by 0.9% during the 4th quarter. Arbor Capital Management Inc. ADV now owns 4,159 shares of the real estate investment trust’s stock worth $1,129,000 after purchasing an additional 36 shares in the last quarter. Gryphon Financial Partners LLC grew its stake in Public Storage by 2.3% in the 1st quarter. Gryphon Financial Partners LLC now owns 1,627 shares of the real estate investment trust’s stock worth $492,000 after acquiring an additional 36 shares during the period. Legacy Wealth Asset Management LLC grew its stake in Public Storage by 3.3% in the 4th quarter. Legacy Wealth Asset Management LLC now owns 1,147 shares of the real estate investment trust’s stock worth $321,000 after acquiring an additional 37 shares during the period. Finally, Kinneret Advisory LLC grew its stake in Public Storage by 2.3% in the 1st quarter. Kinneret Advisory LLC now owns 1,678 shares of the real estate investment trust’s stock worth $655,000 after acquiring an additional 37 shares during the period. 79.05% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PSA has been the subject of several recent analyst reports. JPMorgan Chase & Co. lowered their target price on shares of Public Storage from $338.00 to $324.00 in a research note on Tuesday, June 13th. StockNews.com initiated coverage on shares of Public Storage in a research note on Thursday, May 18th. They issued a “hold” rating for the company. Truist Financial lowered their target price on shares of Public Storage from $335.00 to $320.00 in a research note on Thursday, June 15th. Finally, Bank of America initiated coverage on shares of Public Storage in a research note on Monday, May 8th. They issued a “buy” rating for the company. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $328.20.

Public Storage Stock Down 3.9 %

Shares of PSA opened at $275.69 on Friday. The firm has a market cap of $48.47 billion, a PE ratio of 11.94, a price-to-earnings-growth ratio of 3.50 and a beta of 0.45. The company’s fifty day moving average is $288.65 and its two-hundred day moving average is $293.08. Public Storage has a fifty-two week low of $270.13 and a fifty-two week high of $357.13. The company has a quick ratio of 1.48, a current ratio of 1.28 and a debt-to-equity ratio of 1.19.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Wednesday, September 13th will be issued a $3.00 dividend. The ex-dividend date is Tuesday, September 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.35%. Public Storage’s dividend payout ratio (DPR) is presently 51.97%.

Public Storage Company Profile

(Free Report)

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 March 31, 2023, we had: (i) interests in 2,877 self-storage facilities located in 40 states with approximately 205 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 266 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.