Slow Capital Inc. Cuts Stock Position in Public Storage (NYSE:PSA)

Slow Capital Inc. decreased its holdings in shares of Public Storage (NYSE:PSA) by 19.0% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 740 shares of the real estate investment trust’s stock after selling 174 shares during the period. Slow Capital Inc.’s holdings in Public Storage were worth $226,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Public Storage in the fourth quarter valued at about $670,512,000. Moneta Group Investment Advisors LLC raised its holdings in shares of 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 valued at $349,388,000 after acquiring an additional 1,245,851 shares during the last quarter. Second Half Financial Partners LLC purchased a new position in shares of Public Storage in the third quarter valued at approximately $290,129,000. Price T Rowe Associates Inc. MD boosted its stake 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 worth $832,580,000 after acquiring an additional 1,071,347 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted 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 purchasing an additional 729,262 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PSA. Barclays initiated coverage on shares of Public Storage in a research note on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 target price on the stock. 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 raised their price objective on Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Public Storage in a research report on Tuesday, January 30th. They issued a “sell” rating and a $250.00 target price on the stock. Finally, Raymond James upgraded shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price for the company in a report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $305.00.

Public Storage Stock Down 0.2 %

Shares of Public Storage stock opened at $261.67 on Thursday. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.58. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. The company has a market capitalization of $45.97 billion, a P/E ratio of 23.66, a P/E/G ratio of 3.44 and a beta of 0.54. The company has a 50 day moving average of $281.73 and a 200 day moving average of $276.46.

Public Storage (NYSE:PSA) last announced its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates 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 for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.16 earnings per share. As a group, research analysts forecast that Public Storage will post 16.92 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were issued a $3.00 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.59%. Public Storage’s payout ratio is currently 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.