Lindbrook Capital LLC Reduces Stock Holdings in Public Storage (NYSE:PSA)

Lindbrook Capital LLC reduced its position in shares of Public Storage (NYSE:PSA) by 20.6% in the 4th quarter, Holdings Channel.com reports. The firm owned 788 shares of the real estate investment trust’s stock after selling 204 shares during the quarter. Lindbrook Capital LLC’s holdings in Public Storage were worth $240,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. grew its stake in shares of 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 buying an additional 729,262 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Public Storage by 22.4% in the third 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 last quarter. Northern Trust Corp lifted its holdings in Public Storage by 2.8% in the third quarter. Northern Trust Corp now owns 2,311,981 shares of the real estate investment trust’s stock valued at $609,253,000 after acquiring an additional 63,289 shares during the last quarter. Morgan Stanley grew its position in Public Storage by 0.8% in the third quarter. Morgan Stanley now owns 1,680,149 shares of the real estate investment trust’s stock worth $442,753,000 after acquiring an additional 13,864 shares during the period. Finally, American Century Companies Inc. increased its stake in Public Storage by 6.5% during the third quarter. American Century Companies Inc. now owns 1,330,220 shares of the real estate investment trust’s stock worth $350,540,000 after acquiring an additional 80,784 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $280.00 to $310.00 in a research note on Friday, April 5th. The Goldman Sachs Group upped their target price on shares of 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 shares of Public Storage in a research note on Tuesday, January 30th. They set a “sell” rating and a $250.00 target price for the company. 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 price target on the stock. Finally, Truist Financial increased their price objective on shares of Public Storage from $285.00 to $315.00 and gave the stock a “buy” rating in a research report on Thursday, December 28th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $305.00.

Public Storage Trading Up 0.4 %

Shares of Public Storage stock opened at $261.44 on Tuesday. The company’s 50-day simple moving average is $280.36 and its 200-day simple moving average is $276.63. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.58. The firm has a market cap of $45.93 billion, a price-to-earnings ratio of 23.64, a price-to-earnings-growth ratio of 3.42 and a beta of 0.54.

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 the consensus estimate of $4.15 by ($1.94). The firm had revenue of $1.16 billion during 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% on a year-over-year basis. During the same period in the previous year, the business earned $4.16 earnings per share. As a group, equities research analysts anticipate that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.59%. The ex-dividend date was Tuesday, March 12th. Public Storage’s payout ratio is currently 108.50%.

About Public Storage

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.