Public Storage (NYSE:PSA) Shares Sold by CWA Asset Management Group LLC

CWA Asset Management Group LLC cut its holdings in shares of Public Storage (NYSE:PSA) by 6.6% during the first quarter, Holdings Channel.com reports. The fund owned 46,517 shares of the real estate investment trust’s stock after selling 3,306 shares during the period. CWA Asset Management Group LLC’s holdings in Public Storage were worth $13,922,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Cohen & Steers Inc. boosted its position in Public Storage by 12.3% during the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust’s stock worth $1,626,731,000 after purchasing an additional 592,944 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Public Storage by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust’s stock valued at $1,197,769,000 after buying an additional 78,472 shares in the last quarter. Norges Bank acquired a new position in shares of Public Storage during the 4th quarter worth approximately $931,286,000. Northern Trust Corp raised its stake in shares of Public Storage by 43.4% during the 4th quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust’s stock worth $741,592,000 after buying an additional 749,913 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Public Storage by 10.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,702,522 shares of the real estate investment trust’s stock valued at $509,803,000 after buying an additional 158,665 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PSA. Scotiabank lifted their price target on shares of Public Storage from $305.00 to $340.00 and gave the company a “sector outperform” rating in a research note on Monday, May 12th. Mizuho increased their price objective on shares of Public Storage from $287.00 to $309.00 and gave the company a “neutral” rating in a report on Wednesday, May 28th. Royal Bank Of Canada dropped their target price on shares of Public Storage from $329.00 to $328.00 and set a “sector perform” rating on the stock in a research report on Friday, May 2nd. Barclays reduced their price target on shares of Public Storage from $354.00 to $351.00 and set an “overweight” rating for the company in a research report on Friday, May 16th. Finally, Bank of America raised their price target on shares of Public Storage from $368.00 to $380.00 and gave the company a “buy” rating in a research note on Tuesday, May 13th. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $339.25.

Public Storage Price Performance

Shares of NYSE PSA opened at $293.55 on Wednesday. The firm has a 50-day simple moving average of $297.90 and a 200-day simple moving average of $300.04. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 1.77. The stock has a market capitalization of $51.50 billion, a price-to-earnings ratio of 29.15, a price-to-earnings-growth ratio of 4.26 and a beta of 0.89. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99.

Public Storage (NYSE:PSA) last announced its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.06 by $0.06. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the prior year, the company earned $4.03 EPS. Public Storage’s revenue was up .1% compared to the same quarter last year. On average, equities analysts predict that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be given a dividend of $3.00 per share. The ex-dividend date is Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.09%. Public Storage’s payout ratio is 119.17%.

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.