Concurrent Investment Advisors LLC Has $1.23 Million Stock Holdings in Public Storage (NYSE:PSA)

Concurrent Investment Advisors LLC trimmed its position in Public Storage (NYSE:PSA) by 18.1% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 4,270 shares of the real estate investment trust’s stock after selling 943 shares during the period. Concurrent Investment Advisors LLC’s holdings in Public Storage were worth $1,228,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. EverSource Wealth Advisors LLC increased its position in Public Storage by 107.3% in the fourth 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 period. Core Wealth Advisors Inc. acquired a new stake in shares of Public Storage during the 4th quarter worth approximately $30,000. EdgeRock Capital LLC bought a new stake in shares of Public Storage during the fourth quarter worth approximately $32,000. OFI Invest Asset Management bought a new stake in shares of Public Storage during the second quarter worth approximately $32,000. Finally, ICA Group Wealth Management LLC acquired a new position in Public Storage in the fourth quarter valued at approximately $37,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PSA has been the subject of several recent research reports. Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price for the company. in a research report on Thursday, August 1st. Wells Fargo & Company increased their target price on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price for the company. in a research report on Monday, August 5th. Evercore ISI increased their price target on shares of Public Storage from $330.00 to $334.00 and gave the company an “in-line” rating in a research report on Wednesday, August 28th. Finally, Scotiabank boosted their price objective on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and an average price target of $323.77.

Public Storage Stock Up 0.6 %

Public Storage stock opened at $343.72 on Monday. The company has a 50 day moving average of $307.66 and a 200-day moving average of $288.36. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. Public Storage has a twelve month low of $233.18 and a twelve month high of $344.32. The stock has a market capitalization of $60.40 billion, a PE ratio of 31.22, a price-to-earnings-growth ratio of 5.69 and a beta of 0.65.

Public Storage (NYSE:PSA) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The company had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. During the same period in the previous year, the company posted $4.28 earnings per share. Public Storage’s revenue for the quarter was down 1.0% on a year-over-year basis. On average, equities research analysts anticipate that Public Storage will post 16.72 EPS for the current fiscal year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date is Friday, September 13th. Public Storage’s dividend payout ratio is presently 108.99%.

Insider Buying and Selling at Public Storage

In other news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were 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 approximately $881,568.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 11.00% of the company’s stock.

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.