Envestnet Portfolio Solutions Inc. Sells 1,733 Shares of Public Storage (NYSE:PSA)

Envestnet Portfolio Solutions Inc. decreased its stake in Public Storage (NYSE:PSA) by 29.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,107 shares of the real estate investment trust’s stock after selling 1,733 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Public Storage were worth $1,230,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Doliver Advisors LP lifted its position in Public Storage by 2.6% in the 4th quarter. Doliver Advisors LP now owns 1,446 shares of the real estate investment trust’s stock worth $433,000 after buying an additional 36 shares during the last quarter. Brooklyn Investment Group lifted its holdings in shares of Public Storage by 3.4% in the 4th quarter. Brooklyn Investment Group now owns 1,152 shares of the real estate investment trust’s stock worth $345,000 after acquiring an additional 38 shares during the last quarter. Werba Rubin Papier Wealth Management boosted its stake in shares of Public Storage by 1.7% in the 4th quarter. Werba Rubin Papier Wealth Management now owns 2,275 shares of the real estate investment trust’s stock valued at $681,000 after purchasing an additional 38 shares in the last quarter. Continuum Advisory LLC grew its holdings in shares of Public Storage by 7.6% during the 3rd quarter. Continuum Advisory LLC now owns 549 shares of the real estate investment trust’s stock valued at $182,000 after purchasing an additional 39 shares during the last quarter. Finally, TD Private Client Wealth LLC raised its position in Public Storage by 2.4% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,695 shares of the real estate investment trust’s stock worth $617,000 after purchasing an additional 39 shares during the period. 78.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

PSA has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and upped their price target for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Scotiabank dropped their target price on Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a report on Wednesday, March 5th. Royal Bank of Canada decreased their price target on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 26th. Wells Fargo & Company cut their target price on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Finally, Barclays reiterated an “overweight” rating and set a $354.00 price target (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Seven investment analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $338.00.

Public Storage Stock Down 1.8 %

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

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders 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 4.12%. Public Storage’s dividend payout ratio (DPR) is 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.