Everence Capital Management Inc. Grows Stock Holdings in Public Storage (NYSE:PSA)

Everence Capital Management Inc. raised its stake in Public Storage (NYSE:PSA) by 27.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,990 shares of the real estate investment trust’s stock after buying an additional 1,280 shares during the period. Everence Capital Management Inc.’s holdings in Public Storage were worth $1,827,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in Public Storage in the fourth quarter valued at $670,512,000. Moneta Group Investment Advisors LLC raised its position in Public Storage by 111,535.5% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 1,246,968 shares of the real estate investment trust’s stock worth $349,388,000 after acquiring an additional 1,245,851 shares during the last quarter. Second Half Financial Partners LLC purchased a new stake in shares of Public Storage in the third quarter valued at about $290,129,000. Price T Rowe Associates Inc. MD grew its position in shares of Public Storage by 63.6% in the first 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 purchasing an additional 1,071,347 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of 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 purchasing an additional 729,262 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Down 1.3 %

Shares of Public Storage stock opened at $262.22 on Wednesday. The company has a fifty day moving average price of $282.12 and a 200 day moving average price of $276.57. The stock has a market cap of $46.07 billion, a price-to-earnings ratio of 23.71, a price-to-earnings-growth ratio of 3.49 and a beta of 0.54. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 1.58. Public Storage has a twelve month low of $233.18 and a twelve month high of $312.25.

Public Storage (NYSE:PSA) last announced its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share 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 firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter last year, the company posted $4.16 earnings per share. Public Storage’s revenue for the quarter was up 6.6% compared to the same quarter last year. Equities research analysts forecast that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were issued a dividend of $3.00 per share. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 annualized dividend and a yield of 4.58%. Public Storage’s dividend payout ratio is presently 108.50%.

Wall Street Analyst Weigh In

Several research firms have weighed in on PSA. Scotiabank raised their price target on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research report on Monday, March 18th. Deutsche Bank Aktiengesellschaft started coverage on shares of Public Storage in a research note on Tuesday, January 30th. They set a “sell” rating and a $250.00 price target on the stock. BMO Capital Markets upped their price objective on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. Barclays began coverage on Public Storage in a report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price target for the company. Finally, Raymond James upgraded 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. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $305.00.

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.