Avantax Advisory Services Inc. Has $2.99 Million Stake in Public Storage (NYSE:PSA)

Avantax Advisory Services Inc. decreased its stake in Public Storage (NYSE:PSA) by 12.4% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 9,967 shares of the real estate investment trust’s stock after selling 1,415 shares during the period. Avantax Advisory Services Inc.’s holdings in Public Storage were worth $2,985,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of PSA. Sigma Planning Corp acquired a new stake in Public Storage in the 3rd quarter valued at $238,000. Apollon Wealth Management LLC boosted its stake in Public Storage by 26.5% in the 3rd quarter. Apollon Wealth Management LLC now owns 1,688 shares of the real estate investment trust’s stock valued at $614,000 after buying an additional 354 shares in the last quarter. GSA Capital Partners LLP bought a new position in Public Storage in the 3rd quarter valued at $512,000. Oppenheimer Asset Management Inc. raised its position in Public Storage by 31.9% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 7,360 shares of the real estate investment trust’s stock valued at $2,678,000 after purchasing an additional 1,782 shares during the last quarter. Finally, Oppenheimer & Co. Inc. raised its position in Public Storage by 13.3% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 9,308 shares of the real estate investment trust’s stock valued at $3,387,000 after purchasing an additional 1,091 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on PSA shares. Royal Bank of Canada cut their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 26th. Truist Financial lifted their price objective on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, December 5th. Wells Fargo & Company cut their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Barclays reiterated an “overweight” rating and issued a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a research report on Wednesday. Finally, Scotiabank cut their price objective on Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research report on Wednesday, March 5th. Seven equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and an average target price of $339.69.

Public Storage Trading Up 1.8 %

NYSE PSA opened at $298.29 on Friday. The stock has a 50-day simple moving average of $299.80 and a 200 day simple moving average of $323.59. The company has a market capitalization of $52.33 billion, a PE ratio of 30.98, a P/E/G ratio of 4.91 and a beta of 0.73. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 12 month low of $256.31 and a 12 month high of $369.99.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be issued a $3.00 dividend. The ex-dividend date is Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.02%. Public Storage’s dividend payout ratio is presently 112.89%.

About Public Storage

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.