Johnson Investment Counsel Inc. Lowers Position in Public Storage (NYSE:PSA)

Johnson Investment Counsel Inc. reduced its position in shares of Public Storage (NYSE:PSA) by 21.8% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,403 shares of the real estate investment trust’s stock after selling 391 shares during the period. Johnson Investment Counsel Inc.’s holdings in Public Storage were worth $410,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Great Lakes Advisors LLC purchased a new stake in shares of Public Storage in the second quarter valued at approximately $40,023,000. JGP Wealth Management LLC lifted its holdings in Public Storage by 3.0% in the second quarter. JGP Wealth Management LLC now owns 9,764 shares of the real estate investment trust’s stock valued at $2,850,000 after acquiring an additional 283 shares during the period. US Bancorp DE boosted its position in shares of Public Storage by 1.1% during the 2nd quarter. US Bancorp DE now owns 44,334 shares of the real estate investment trust’s stock worth $12,940,000 after purchasing an additional 462 shares in the last quarter. Cetera Advisors LLC grew its stake in shares of Public Storage by 4.5% during the 2nd quarter. Cetera Advisors LLC now owns 2,898 shares of the real estate investment trust’s stock worth $846,000 after purchasing an additional 125 shares during the period. Finally, Wintrust Investments LLC purchased a new position in shares of Public Storage in the 2nd quarter valued at about $202,000. Institutional investors and hedge funds own 78.75% of the company’s stock.

Insider Buying and Selling

In other news, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $245.37, for a total transaction of $98,148.00. Following the completion of the transaction, the insider now owns 13,286 shares of the company’s stock, valued at approximately $3,259,985.82. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 11.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

PSA has been the topic of several recent analyst reports. Morgan Stanley initiated coverage on shares of Public Storage in a research report on Thursday, September 21st. They set an “equal weight” rating and a $250.00 target price on the stock. StockNews.com initiated coverage on Public Storage in a report on Saturday, October 21st. They set a “hold” rating for the company. Stifel Nicolaus lowered their target price on Public Storage from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, September 13th. Truist Financial reaffirmed a “buy” rating and set a $305.00 price target on shares of Public Storage in a research note on Tuesday, October 31st. Finally, The Goldman Sachs Group started coverage on shares of Public Storage in a research note on Wednesday, September 27th. They issued a “buy” rating and a $310.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $299.83.

Public Storage Price Performance

Public Storage stock opened at $258.08 on Tuesday. The stock has a market capitalization of $45.38 billion, a P/E ratio of 23.66, a P/E/G ratio of 3.14 and a beta of 0.50. Public Storage has a 12-month low of $233.18 and a 12-month high of $316.48. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.98 and a quick ratio of 0.98. The firm’s 50-day moving average is $258.94 and its two-hundred day moving average is $276.33.

Public Storage (NYSE:PSA) last announced its earnings results on Monday, October 30th. The real estate investment trust reported $3.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.21 by ($1.01). The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.14 billion. Public Storage had a return on equity of 34.76% and a net margin of 45.46%. The firm’s revenue was up 5.1% compared to the same quarter last year. During the same quarter last year, the business posted $4.13 EPS. Equities analysts predict that Public Storage will post 16.76 earnings per share for the current year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Wednesday, December 13th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Tuesday, December 12th. This represents a $12.00 annualized dividend and a yield of 4.65%. Public Storage’s payout ratio is currently 109.99%.

Public Storage Profile

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 September 30, 2023, we had: (i) interests in 3,028 self-storage facilities located in 40 states with approximately 217 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 267 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.