B. Riley Wealth Advisors Inc. Sells 489 Shares of Public Storage (NYSE:PSA)

B. Riley Wealth Advisors Inc. trimmed its position in Public Storage (NYSE:PSA) by 21.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,756 shares of the real estate investment trust’s stock after selling 489 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Public Storage were worth $632,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of PSA. Prospera Private Wealth LLC acquired a new position in Public Storage during the third 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. EdgeRock Capital LLC acquired a new position in shares of Public Storage during the 2nd quarter worth approximately $39,000. Compagnie Lombard Odier SCmA acquired a new position in shares of Public Storage during the 3rd quarter worth approximately $50,000. Finally, Harbor Capital Advisors Inc. bought a new stake in Public Storage in the 3rd quarter valued at $55,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Trading Down 4.3 %

Shares of NYSE:PSA opened at $299.88 on Thursday. The business’s 50 day simple moving average is $335.06 and its 200 day simple moving average is $323.65. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $52.51 billion, a P/E ratio of 31.14, a P/E/G ratio of 5.29 and a beta of 0.71.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a dividend of $3.00 per share. The ex-dividend date is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.00%. Public Storage’s payout ratio is 124.61%.

Insider Buying and Selling at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the firm’s 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 sale, the insider now 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 11.00% of the company’s stock.

Analysts Set New Price Targets

PSA has been the subject of a number of research analyst reports. Morgan Stanley lifted their price objective on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Truist Financial upped their price target on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Jefferies Financial Group increased their price target on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Barclays reduced their price objective on Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a report on Tuesday, November 12th. Finally, Evercore ISI lowered their target price on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $342.07.

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.