Hartford Funds Management Co LLC Sells 348 Shares of Public Storage $PSA

Hartford Funds Management Co LLC lowered its stake in shares of Public Storage (NYSE:PSA) by 43.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 459 shares of the real estate investment trust’s stock after selling 348 shares during the quarter. Public Storage comprises 0.0% of Hartford Funds Management Co LLC’s portfolio, making the stock its 26th largest position. Hartford Funds Management Co LLC’s holdings in Public Storage were worth $135,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Nuveen LLC purchased a new position in shares of Public Storage in the 1st quarter valued at approximately $271,196,000. Goldman Sachs Group Inc. grew its position in shares of Public Storage by 68.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,164,992 shares of the real estate investment trust’s stock worth $348,670,000 after buying an additional 475,342 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Public Storage during the 2nd quarter valued at about $94,297,000. Vanguard Group Inc. boosted its stake in Public Storage by 0.7% during the first quarter. Vanguard Group Inc. now owns 20,735,896 shares of the real estate investment trust’s stock worth $6,206,046,000 after acquiring an additional 143,575 shares in the last quarter. Finally, Deutsche Bank AG boosted its position in shares of Public Storage by 9.8% in the 1st quarter. Deutsche Bank AG now owns 1,546,240 shares of the real estate investment trust’s stock worth $462,774,000 after purchasing an additional 138,486 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on PSA shares. Evercore ISI reduced their price objective on shares of Public Storage from $317.00 to $315.00 and set an “in-line” rating for the company in a research note on Monday, November 3rd. Barclays cut their target price on Public Storage from $351.00 to $349.00 and set an “overweight” rating on the stock in a research note on Friday, August 8th. Wells Fargo & Company boosted their price target on Public Storage from $320.00 to $330.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. Weiss Ratings reiterated a “hold (c)” rating on shares of Public Storage in a report on Wednesday, October 8th. Finally, Wall Street Zen raised Public Storage from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and a consensus price target of $325.38.

Public Storage Price Performance

PSA stock opened at $278.00 on Monday. The company has a market capitalization of $48.78 billion, a PE ratio of 28.87, a price-to-earnings-growth ratio of 4.72 and a beta of 0.91. The company’s fifty day moving average price is $291.20 and its 200-day moving average price is $292.49. Public Storage has a one year low of $256.60 and a one year high of $355.87. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.77 and a current ratio of 1.77.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 earnings per share for the quarter, topping the consensus estimate of $4.24 by $0.07. Public Storage had a net margin of 39.53% and a return on equity of 35.67%. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter in the previous year, the business posted $4.20 earnings per share. Public Storage’s quarterly revenue was down 5.4% on a year-over-year basis. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. On average, equities analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend is Monday, December 15th. Public Storage’s payout ratio is presently 124.61%.

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.