Arkadios Wealth Advisors Sells 97 Shares of Public Storage (NYSE:PSA)

Arkadios Wealth Advisors cut its position in shares of Public Storage (NYSE:PSA) by 6.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,409 shares of the real estate investment trust’s stock after selling 97 shares during the period. Arkadios Wealth Advisors’ holdings in Public Storage were worth $513,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new stake in shares of Public Storage in the second quarter worth approximately $32,000. Opal Wealth Advisors LLC purchased a new stake in Public Storage in the second quarter worth $36,000. Crewe Advisors LLC purchased a new stake in Public Storage in the first quarter worth $39,000. EdgeRock Capital LLC bought a new stake in shares of Public Storage during the second quarter worth $39,000. Finally, LRI Investments LLC purchased a new stake in shares of Public Storage during the first quarter valued at $40,000. 78.79% of the stock is currently owned by institutional investors.

Public Storage Stock Performance

Shares of Public Storage stock opened at $331.26 on Wednesday. The company has a market capitalization of $57.98 billion, a PE ratio of 31.05, a P/E/G ratio of 4.74 and a beta of 0.68. The company has a 50-day simple moving average of $347.97 and a two-hundred day simple moving average of $308.07. Public Storage has a one year low of $233.18 and a one year high of $369.99. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93.

Public Storage (NYSE:PSA) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing the consensus estimate of $4.20 by ($1.54). The firm had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The company’s revenue was down 1.0% compared to the same quarter last year. During the same quarter last year, the firm earned $4.28 EPS. Research analysts expect that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $3.00 per share. The ex-dividend date was Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.62%. Public Storage’s dividend payout ratio is presently 112.46%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on PSA shares. Scotiabank lifted 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. Evercore ISI lowered their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Royal Bank of Canada assumed coverage on Public Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price objective on the stock. Barclays upped their target price on Public Storage from $374.00 to $381.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Jefferies Financial Group raised their price target on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. One analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $341.43.

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.