Smithbridge Asset Management Inc. DE Decreases Holdings in Public Storage (NYSE:PSA)

Smithbridge Asset Management Inc. DE trimmed its holdings in shares of Public Storage (NYSE:PSA) by 8.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,334 shares of the real estate investment trust’s stock after selling 227 shares during the period. Smithbridge Asset Management Inc. DE’s holdings in Public Storage were worth $712,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. State Street Corp raised its stake in shares of Public Storage by 0.3% during the 2nd quarter. State Street Corp now owns 11,209,856 shares of the real estate investment trust’s stock worth $3,271,933,000 after purchasing an additional 34,564 shares during the period. Geode Capital Management LLC raised its stake in Public Storage by 3.6% in the 1st quarter. Geode Capital Management LLC now owns 3,742,458 shares of the real estate investment trust’s stock valued at $1,131,364,000 after acquiring an additional 129,555 shares during the period. JPMorgan Chase & Co. raised its stake in Public Storage by 29.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock valued at $835,032,000 after acquiring an additional 729,262 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Public Storage by 63.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,755,605 shares of the real estate investment trust’s stock valued at $832,580,000 after acquiring an additional 1,071,347 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Public Storage by 22.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,470,839 shares of the real estate investment trust’s stock valued at $633,949,000 after acquiring an additional 451,864 shares during the period. 78.79% of the stock is currently owned by institutional investors.

Public Storage Price Performance

PSA traded up $1.81 during midday trading on Thursday, hitting $289.91. The stock had a trading volume of 344,964 shares, compared to its average volume of 748,712. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.62 and a current ratio of 0.62. The company has a market cap of $50.93 billion, a P/E ratio of 26.10, a price-to-earnings-growth ratio of 3.61 and a beta of 0.54. The business has a fifty day moving average of $284.05 and a 200 day moving average of $275.27. Public Storage has a 1 year low of $233.18 and a 1 year high of $316.48.

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 analysts’ consensus estimates of $4.15 by ($1.94). The business had revenue of $1.16 billion for 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%. Public Storage’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.16 EPS. As a group, equities analysts forecast that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th will be issued a $3.00 dividend. The ex-dividend date is Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.14%. Public Storage’s dividend payout ratio (DPR) is 108.50%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on PSA shares. Scotiabank boosted their price objective on Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research note on Monday, March 18th. The Goldman Sachs Group upped their price target on Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. Wells Fargo & Company cut Public Storage from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $270.00 to $280.00 in a research report on Tuesday, December 12th. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target on the stock in a research report on Thursday. Finally, Barclays began coverage on Public Storage in a research report on Wednesday. They set an “overweight” rating and a $330.00 price target on the stock. One research analyst has rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and an average price target of $302.50.

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 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.