Clarity Financial LLC Has $726,000 Stock Position in Public Storage (NYSE:PSA)

Clarity Financial LLC lowered its position in Public Storage (NYSE:PSA) by 5.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,502 shares of the real estate investment trust’s stock after selling 132 shares during the period. Clarity Financial LLC’s holdings in Public Storage were worth $726,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of PSA. EverSource Wealth Advisors LLC raised its position in Public Storage by 107.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 44 shares during the last quarter. Core Wealth Advisors Inc. bought a new position in Public Storage in the 4th quarter worth approximately $30,000. Private Ocean LLC raised its position in Public Storage by 5,450.0% in the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 109 shares during the last quarter. EdgeRock Capital LLC bought a new position in Public Storage in the 4th quarter worth approximately $32,000. Finally, Centerpoint Advisors LLC bought a new position in Public Storage in the 4th quarter worth approximately $35,000. Institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of PSA stock opened at $289.47 on Thursday. Public Storage has a 12-month low of $233.18 and a 12-month high of $312.25. The firm has a market capitalization of $50.87 billion, a price-to-earnings ratio of 26.18, a price-to-earnings-growth ratio of 4.05 and a beta of 0.63. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. The firm has a fifty day moving average of $274.58 and a 200-day moving average of $282.64.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.15%. The ex-dividend date of this dividend is Wednesday, June 12th. Public Storage’s dividend payout ratio (DPR) is 108.99%.

Insider Buying and Selling

In related news, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the transaction, the insider now directly owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Kristy Pipes bought 2,149 shares of Public Storage stock in a transaction that occurred on Tuesday, May 14th. The stock was purchased at an average cost of $278.96 per share, with a total value of $599,485.04. Following the purchase, the director now owns 2,149 shares in the company, valued at $599,485.04. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the transaction, the insider now directly owns 3,214 shares of the company’s stock, valued at $881,568.06. The disclosure for this sale can be found here. Company insiders own 11.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Raymond James upgraded shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective for the company in a research report on Thursday, March 28th. BMO Capital Markets upped their target price on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research report on Tuesday, March 19th. Barclays dropped their target price on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a research report on Monday, May 20th. Scotiabank upped their target price on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research report on Monday, March 18th. Finally, Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $280.00 to $310.00 in a research report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus price target of $303.00.

Public Storage Company 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.