Envestnet Portfolio Solutions Inc. Cuts Stock Position in Public Storage (NYSE:PSA)

Envestnet Portfolio Solutions Inc. decreased its stake in shares of Public Storage (NYSE:PSA) by 29.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 4,107 shares of the real estate investment trust’s stock after selling 1,733 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Public Storage were worth $1,230,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Quent Capital LLC raised its position in shares of Public Storage by 135.1% in the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 50 shares during the last quarter. Prospera Private Wealth LLC purchased a new position in Public Storage in the third quarter worth about $34,000. Synergy Asset Management LLC purchased a new position in Public Storage in the fourth quarter worth about $38,000. Toth Financial Advisory Corp lifted its stake in shares of Public Storage by 48.2% in the fourth quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock worth $61,000 after buying an additional 66 shares in the last quarter. Finally, Parkworth Wealth Management Inc. purchased a new stake in shares of Public Storage during the fourth quarter valued at approximately $67,000. 78.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on PSA shares. Royal Bank of Canada lowered their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 26th. Wells Fargo & Company lowered their price target on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Barclays reiterated an “overweight” rating and issued a $354.00 price objective (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and upped their target price for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Finally, Truist Financial reduced their price target on shares of Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a research note on Tuesday, March 18th. Seven equities research analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $338.00.

Public Storage Stock Performance

Shares of PSA opened at $291.19 on Friday. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock has a market cap of $51.08 billion, a price-to-earnings ratio of 30.24, a PEG ratio of 4.91 and a beta of 0.73. The business has a 50-day simple moving average of $299.96 and a two-hundred day simple moving average of $321.98.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date is Thursday, March 13th. Public Storage’s payout ratio is 112.89%.

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.