Segment Wealth Management LLC Sells 320 Shares of Public Storage (NYSE:PSA)

Segment Wealth Management LLC lowered its position in shares of Public Storage (NYSE:PSA) by 6.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,023 shares of the real estate investment trust’s stock after selling 320 shares during the period. Segment Wealth Management LLC’s holdings in Public Storage were worth $1,504,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Prospera Private Wealth LLC purchased a new position in shares of Public Storage during the 3rd quarter valued at about $34,000. Ashton Thomas Securities LLC bought a new position in Public Storage during the third quarter valued at approximately $38,000. Compagnie Lombard Odier SCmA purchased a new position in shares of Public Storage during the third quarter worth approximately $50,000. Harbor Capital Advisors Inc. bought a new stake in shares of Public Storage in the 3rd quarter worth approximately $55,000. Finally, Versant Capital Management Inc boosted its stake in shares of Public Storage by 301.7% in the 4th quarter. Versant Capital Management Inc now owns 237 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 178 shares in the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Royal Bank of Canada lowered their price target on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Wells Fargo & Company lowered their target price on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Evercore ISI reduced their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and boosted their price objective for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Finally, Truist Financial raised their target price on shares of Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Seven research analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and an average price target of $344.54.

Public Storage Stock Performance

Shares of PSA opened at $296.25 on Tuesday. The company has a 50-day simple moving average of $316.96 and a two-hundred day simple moving average of $325.90. 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 firm has a market capitalization of $51.88 billion, a PE ratio of 30.76, a price-to-earnings-growth ratio of 4.77 and a beta of 0.74. Public Storage has a one year low of $256.31 and a one year high of $369.99.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.05%. The ex-dividend date was Friday, December 13th. Public Storage’s payout ratio is presently 124.61%.

Insider Buying and Selling

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the business’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 directly owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 11.10% of the stock is owned by insiders.

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.