Kestra Private Wealth Services LLC Sells 5,324 Shares of Public Storage $PSA

Key Points

• Kestra Private Wealth Services cut its Public Storage stake by 52.9% in the third quarter, selling 5,324 shares and retaining 4,741 shares valued at about $1.34 million.
• Public Storage reported quarterly EPS of $1.69, below the $2.49 analyst consensus, while revenue of $1.37 billion exceeded expectations and rose 0.5% year over year.
• The company declared a quarterly dividend of $3 per share, equivalent to $12 annually and a stated 3.6% yield. Analysts’ consensus rating was “Hold,” with a $325.79 average price target.

Kestra Private Wealth Services LLC lessened its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 52.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,741 shares of the real estate investment trust's stock after selling 5,324 shares during the quarter. Kestra Private Wealth Services LLC's holdings in Public Storage were worth $1,341,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Nilsine Partners LLC raised its position in shares of Public Storage by 2.9% in the second quarter. Nilsine Partners LLC now owns 1,211 shares of the real estate investment trust's stock valued at $385,000 after buying an additional 34 shares during the last quarter. Aegis Wealth Management Inc. boosted its position in Public Storage by 2.5% during the third quarter. Aegis Wealth Management Inc. now owns 1,375 shares of the real estate investment trust's stock worth $389,000 after acquiring an additional 34 shares during the last quarter. Gryphon Financial Partners LLC grew its stake in Public Storage by 2.6% during the 1st quarter. Gryphon Financial Partners LLC now owns 1,423 shares of the real estate investment trust's stock valued at $385,000 after acquiring an additional 36 shares in the last quarter. Chesapeake Capital Corp IL grew its stake in Public Storage by 1.3% during the 2nd quarter. Chesapeake Capital Corp IL now owns 2,994 shares of the real estate investment trust's stock valued at $953,000 after acquiring an additional 38 shares in the last quarter. Finally, Azzad Asset Management Inc. ADV grew its stake in Public Storage by 0.7% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 5,358 shares of the real estate investment trust's stock valued at $1,451,000 after acquiring an additional 39 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

Insider Buying and Selling

In related news, insider Nathaniel A. Vitan sold 1,414 shares of the stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $327.53, for a total value of $463,127.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 11.10% of the company's stock.

Public Storage Trading Down 1.0%

PSA stock traded down $3.24 during trading on Friday, reaching $337.26. 1,203,610 shares of the stock were exchanged, compared to its average volume of 903,222. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.16. The firm has a market capitalization of $63.01 billion, a price-to-earnings ratio of 35.31, a P/E/G ratio of 4.96 and a beta of 0.89. The business has a 50 day moving average price of $300.59 and a 200-day moving average price of $304.02. Public Storage has a 1 year low of $256.54 and a 1 year high of $345.89.

Public Storage (NYSE:PSA - Get Free Report) last posted its quarterly earnings results on Monday, October 26th. The real estate investment trust reported $1.69 earnings per share for the quarter, missing the consensus estimate of $2.49 by ($0.80). The firm had revenue of $1.37 billion during the quarter, compared to analysts' expectations of $1.34 billion. Public Storage had a net margin of 37.76% and a return on equity of 29.93%. The business's quarterly revenue was up .5% on a year-over-year basis. During the same period last year, the company earned $4.31 EPS. On average, research analysts predict that Public Storage will post 16.97 earnings per share for the current year.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 8th. Investors of record on Tuesday, December 15th will be issued a $3.00 dividend. The ex-dividend date is Tuesday, December 15th. This represents a $12.00 dividend on an annualized basis and a yield of 3.6%. Public Storage's dividend payout ratio is currently 125.65%.

Analyst Ratings Changes

A number of research analysts have weighed in on PSA shares. Evercore set a $308.00 target price on shares of Public Storage in a research note on Monday, September 21st. Weiss Ratings cut Public Storage from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, October 8th. Truist Financial initiated coverage on Public Storage in a research report on Friday, October 2nd. They issued a "buy" rating and a $317.00 price target for the company. Raymond James Financial assumed coverage on Public Storage in a report on Thursday, July 16th. They issued a "market perform" rating for the company. Finally, Scotiabank reduced their price objective on Public Storage from $346.00 to $343.00 and set a "sector outperform" rating on the stock in a research report on Wednesday, September 2nd. Seven investment analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. According to MarketBeat.com, Public Storage presently has a consensus rating of "Hold" and a consensus price target of $325.79.

Public Storage Profile

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