Public Storage (NYSE:PSA) Stake Reduced by Signaturefd LLC

Signaturefd LLC reduced its stake in shares of Public Storage (NYSE:PSA) by 10.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,167 shares of the real estate investment trust’s stock after selling 137 shares during the quarter. Signaturefd LLC’s holdings in Public Storage were worth $356,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its stake in Public Storage by 29.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock worth $835,032,000 after buying an additional 729,262 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Public Storage by 22.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,470,839 shares of the real estate investment trust’s stock worth $633,949,000 after buying an additional 451,864 shares during the last quarter. Northern Trust Corp grew its stake in Public Storage by 2.8% during the 3rd quarter. Northern Trust Corp now owns 2,311,981 shares of the real estate investment trust’s stock worth $609,253,000 after buying an additional 63,289 shares during the last quarter. Morgan Stanley grew its stake in shares of Public Storage by 0.8% in the third quarter. Morgan Stanley now owns 1,680,149 shares of the real estate investment trust’s stock worth $442,753,000 after purchasing an additional 13,864 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in shares of Public Storage by 6.5% in the third quarter. American Century Companies Inc. now owns 1,330,220 shares of the real estate investment trust’s stock worth $350,540,000 after purchasing an additional 80,784 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PSA. Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target for the company in a research note on Thursday, March 28th. Deutsche Bank Aktiengesellschaft began coverage on Public Storage in a research note on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price target for the company. BMO Capital Markets increased their price target on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 19th. Truist Financial increased their price target on Public Storage from $285.00 to $315.00 and gave the stock a “buy” rating in a research note on Thursday, December 28th. Finally, Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $280.00 to $310.00 in a research note on Friday, April 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and a consensus target price of $305.00.

Public Storage Trading Down 1.3 %

Shares of NYSE PSA opened at $258.68 on Friday. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25. The company has a market cap of $45.45 billion, a price-to-earnings ratio of 23.39, a P/E/G ratio of 3.44 and a beta of 0.54. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.58. The business has a fifty day simple moving average of $279.16 and a 200-day simple moving average of $276.39.

Public Storage (NYSE:PSA) last announced its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing the consensus estimate of $4.15 by ($1.94). Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the prior year, the company earned $4.16 earnings per share. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. Sell-side analysts predict that Public Storage will post 16.92 EPS for the current year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.64%. The ex-dividend date was Tuesday, March 12th. Public Storage’s dividend payout ratio is 108.50%.

Public Storage Company 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 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.