Azzad Asset Management Inc. ADV Sells 4,810 Shares of Public Storage (NYSE:PSA)

Azzad Asset Management Inc. ADV cut its holdings in Public Storage (NYSE:PSA) by 50.2% in the 1st quarter, Holdings Channel reports. The institutional investor owned 4,772 shares of the real estate investment trust’s stock after selling 4,810 shares during the period. Azzad Asset Management Inc. ADV’s holdings in Public Storage were worth $1,384,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of PSA. EverSource Wealth Advisors LLC boosted its holdings in shares of Public Storage by 107.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 44 shares during the period. Core Wealth Advisors Inc. purchased a new stake in Public Storage during the 4th quarter worth about $30,000. EdgeRock Capital LLC bought a new position in Public Storage in the 4th quarter worth about $32,000. Private Ocean LLC grew its holdings in Public Storage by 5,450.0% during the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock valued at $34,000 after buying an additional 109 shares in the last quarter. Finally, Centerpoint Advisors LLC bought a new stake in shares of Public Storage during the fourth quarter valued at about $35,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Public Storage

In related news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the sale, the insider now directly owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the sale, the insider now owns 3,214 shares in the company, valued at $881,568.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kristy Pipes bought 2,149 shares of the company’s stock in a transaction on Tuesday, May 14th. The stock was purchased at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the transaction, the director now directly owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The disclosure for this purchase can be found here. 11.10% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price on the stock in a report on Thursday, March 28th. Wells Fargo & Company upgraded Public Storage from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $280.00 to $310.00 in a research report on Friday, April 5th. BMO Capital Markets raised their price target on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a report on Tuesday, March 19th. Barclays dropped their target price on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a research report on Monday, May 20th. Finally, Scotiabank increased their price target on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a report on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and an average price target of $303.00.

Public Storage Stock Up 0.8 %

Shares of Public Storage stock traded up $2.37 during midday trading on Wednesday, hitting $287.76. The company had a trading volume of 135,820 shares, compared to its average volume of 720,881. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.54 and a current ratio of 0.54. The stock has a market capitalization of $50.57 billion, a P/E ratio of 26.24, a P/E/G ratio of 4.02 and a beta of 0.65. The company has a 50 day moving average of $277.08 and a 200 day moving average of $282.77.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th were issued a dividend of $3.00 per share. The ex-dividend date was Wednesday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.17%. Public Storage’s payout ratio is presently 108.99%.

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.