Assetmark Inc. Sells 296 Shares of Public Storage (NYSE:PSA)

Assetmark Inc. reduced its stake in Public Storage (NYSE:PSA) by 7.0% during the third quarter, according to its most recent filing with the SEC. The fund owned 3,955 shares of the real estate investment trust’s stock after selling 296 shares during the quarter. Assetmark Inc.’s holdings in Public Storage were worth $1,439,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Empowered Funds LLC grew its position in shares of Public Storage by 18.9% during the 1st quarter. Empowered Funds LLC now owns 2,040 shares of the real estate investment trust’s stock valued at $592,000 after acquiring an additional 324 shares during the period. Avantax Advisory Services Inc. grew its holdings in Public Storage by 30.0% during the first quarter. Avantax Advisory Services Inc. now owns 6,821 shares of the real estate investment trust’s stock valued at $1,978,000 after purchasing an additional 1,573 shares during the period. Bleakley Financial Group LLC increased its position in Public Storage by 4.9% in the first quarter. Bleakley Financial Group LLC now owns 1,230 shares of the real estate investment trust’s stock worth $357,000 after buying an additional 57 shares during the last quarter. Centersquare Investment Management LLC raised its stake in shares of Public Storage by 17.2% in the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock valued at $343,573,000 after buying an additional 173,975 shares during the period. Finally, First Foundation Advisors lifted its position in shares of Public Storage by 2.4% during the 1st quarter. First Foundation Advisors now owns 2,753 shares of the real estate investment trust’s stock valued at $799,000 after buying an additional 64 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of NYSE PSA opened at $331.68 on Friday. The firm has a market capitalization of $58.08 billion, a P/E ratio of 34.78, a P/E/G ratio of 4.66 and a beta of 0.70. 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’s 50-day simple moving average is $346.40 and its two-hundred day simple moving average is $313.25. Public Storage has a twelve month low of $251.49 and a twelve month high of $369.99.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio is currently 124.61%.

Analyst Ratings Changes

PSA has been the subject of several recent research reports. Evercore ISI decreased their price objective 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. Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target on the stock. in a research report on Monday, August 5th. Citigroup raised their price objective on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Finally, Scotiabank raised their price target on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and an average price target of $339.64.

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.