CWM LLC lessened its position in Public Storage (NYSE:PSA – Free Report) by 6.5% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 97,868 shares of the real estate investment trust’s stock after selling 6,859 shares during the period. CWM LLC owned approximately 0.06% of Public Storage worth $29,850,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently added to or reduced their stakes in the company. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in Public Storage by 0.9% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 45,422 shares of the real estate investment trust’s stock valued at $13,854,000 after acquiring an additional 421 shares during the period. OVERSEA CHINESE BANKING Corp Ltd grew its stake in Public Storage by 82.2% in the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 23,336 shares of the real estate investment trust’s stock valued at $7,117,000 after acquiring an additional 10,530 shares during the period. abrdn plc grew its stake in Public Storage by 5.5% in the fourth quarter. abrdn plc now owns 270,908 shares of the real estate investment trust’s stock valued at $82,627,000 after acquiring an additional 14,210 shares during the period. J.W. Cole Advisors Inc. acquired a new stake in Public Storage in the fourth quarter valued at approximately $572,000. Finally, Twin Capital Management Inc. boosted its position in shares of Public Storage by 99.1% during the fourth quarter. Twin Capital Management Inc. now owns 5,269 shares of the real estate investment trust’s stock valued at $1,607,000 after buying an additional 2,623 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.
Public Storage Stock Performance
Shares of PSA traded up $0.10 during mid-day trading on Friday, hitting $260.38. The stock had a trading volume of 737,577 shares, compared to its average volume of 563,922. The firm has a market cap of $45.75 billion, a P/E ratio of 23.54, a PEG ratio of 3.42 and a beta of 0.54. The business has a fifty day moving average price of $280.76 and a 200-day moving average price of $276.61. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.62 and a quick ratio of 0.62. Public Storage has a 52 week low of $233.18 and a 52 week high of $312.25.
Public Storage (NYSE:PSA – Get Free Report) last issued its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.15 by ($1.94). The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.14 billion. Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.16 earnings per share. On average, equities research analysts expect that Public Storage will post 16.92 EPS for the current year.
Public Storage Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were paid a dividend of $3.00 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.61%. Public Storage’s payout ratio is 108.50%.
Wall Street Analyst Weigh In
Several research analysts recently issued reports on the company. Truist Financial lifted their target price on Public Storage from $285.00 to $315.00 and gave the company a “buy” rating in a research report on Thursday, December 28th. The Goldman Sachs Group lifted their target price on Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. Deutsche Bank Aktiengesellschaft assumed coverage on Public Storage in a research report on Tuesday, January 30th. They set a “sell” rating and a $250.00 target price on the stock. Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price on the stock in a research report on Thursday, March 28th. Finally, Scotiabank lifted their target price on Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research report on Monday, March 18th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and a consensus target price of $305.00.
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.