Kestra Private Wealth Services LLC Grows Stock Holdings in Public Storage $PSA

Kestra Private Wealth Services LLC lifted its stake in Public Storage (NYSE:PSA) by 33.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,065 shares of the real estate investment trust’s stock after purchasing an additional 2,539 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Public Storage were worth $3,204,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in PSA. Vanguard Group Inc. increased its position in Public Storage by 9.9% during the 4th quarter. Vanguard Group Inc. now owns 25,343,098 shares of the real estate investment trust’s stock valued at $6,576,534,000 after buying an additional 2,274,397 shares in the last quarter. Norges Bank bought a new stake in Public Storage in the fourth quarter worth $1,163,751,000. Capital International Investors boosted its holdings in Public Storage by 821.4% in the fourth quarter. Capital International Investors now owns 4,134,996 shares of the real estate investment trust’s stock worth $1,073,032,000 after acquiring an additional 3,686,211 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Public Storage by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 4,089,143 shares of the real estate investment trust’s stock worth $1,056,976,000 after acquiring an additional 66,445 shares during the last quarter. Finally, Cohen & Steers Inc. grew its stake in shares of Public Storage by 9.3% in the fourth quarter. Cohen & Steers Inc. now owns 3,993,623 shares of the real estate investment trust’s stock worth $1,036,375,000 after acquiring an additional 339,882 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 950 shares of Public Storage stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $324.81, for a total value of $308,569.50. Following the completion of the sale, the insider directly owned 1,414 shares in the company, valued at $459,281.34. The trade was a 40.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 11.10% of the stock is currently owned by insiders.

Public Storage Trading Up 1.6%

Public Storage stock opened at $328.82 on Friday. The company has a debt-to-equity ratio of 2.06, a current ratio of 0.66 and a quick ratio of 0.66. Public Storage has a one year low of $256.54 and a one year high of $335.55. The stock has a market capitalization of $57.75 billion, a PE ratio of 31.38, a price-to-earnings-growth ratio of 3.81 and a beta of 0.96. The business’s fifty day moving average is $321.83 and its 200 day moving average is $304.42.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 6th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Public Storage’s dividend payout ratio (DPR) is presently 114.50%.

Wall Street Analyst Weigh In

PSA has been the subject of several recent analyst reports. UBS Group lifted their price target on Public Storage from $314.00 to $326.00 and gave the stock a “neutral” rating in a research report on Friday, July 10th. Truist Financial increased their price objective on shares of Public Storage from $302.00 to $338.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Scotiabank raised their price objective on shares of Public Storage from $342.00 to $345.00 and gave the company an “outperform” rating in a research note on Wednesday, July 8th. Jefferies Financial Group lifted their target price on shares of Public Storage from $350.00 to $355.00 and gave the stock a “buy” rating in a report on Wednesday, May 20th. Finally, Wall Street Zen upgraded shares of Public Storage from a “sell” rating to a “hold” rating in a research note on Saturday, May 2nd. Seven research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $326.05.

Public Storage Company Profile

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.