White Pine Capital LLC Cuts Stake in Public Storage (NYSE:PSA)

White Pine Capital LLC reduced its stake in Public Storage (NYSE:PSA) by 10.0% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,444 shares of the real estate investment trust’s stock after selling 160 shares during the quarter. White Pine Capital LLC’s holdings in Public Storage were worth $440,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Alexander Randolph Advisory Inc. bought a new stake in Public Storage in the 4th quarter valued at about $245,000. Golden State Equity Partners bought a new stake in Public Storage in the 4th quarter valued at about $204,000. Spinnaker Trust raised its stake in Public Storage by 1,785.2% in the 4th quarter. Spinnaker Trust now owns 19,003 shares of the real estate investment trust’s stock valued at $5,796,000 after acquiring an additional 17,995 shares during the period. Kovack Advisors Inc. raised its stake in Public Storage by 8.7% in the 4th quarter. Kovack Advisors Inc. now owns 1,394 shares of the real estate investment trust’s stock valued at $425,000 after acquiring an additional 111 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich raised its stake in Public Storage by 8.3% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 163,191 shares of the real estate investment trust’s stock valued at $49,773,000 after acquiring an additional 12,574 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PSA shares. 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, March 28th. Barclays started coverage on Public Storage in a research report on Wednesday, March 27th. They set an “overweight” rating and a $330.00 price target on the stock. Scotiabank upped their price target 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. BMO Capital Markets upped their price target on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research report on Tuesday, March 19th. Finally, Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $280.00 to $310.00 in a research report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $305.00.

Public Storage Trading Down 0.4 %

Shares of NYSE:PSA traded down $0.95 during trading on Friday, reaching $257.73. 577,684 shares of the company traded hands, compared to its average volume of 582,087. The firm has a market capitalization of $45.28 billion, a price-to-earnings ratio of 23.30, a P/E/G ratio of 3.38 and a beta of 0.54. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 1.58. The business’s fifty day moving average is $278.68 and its 200-day moving average is $276.34.

Public Storage (NYSE:PSA) last released 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 company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period last year, the company posted $4.16 EPS. As a group, analysts forecast that Public Storage will post 16.92 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.66%. The ex-dividend date was Tuesday, March 12th. Public Storage’s payout ratio is 108.50%.

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.