Ensign Peak Advisors Inc Sells 5,393 Shares of Public Storage (NYSE:PSA)

Ensign Peak Advisors Inc lessened its position in shares of Public Storage (NYSE:PSA) by 7.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 69,225 shares of the real estate investment trust’s stock after selling 5,393 shares during the period. Ensign Peak Advisors Inc’s holdings in Public Storage were worth $20,729,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Quent Capital LLC lifted its holdings in shares of Public Storage by 135.1% during the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 50 shares during the period. Strategic Investment Solutions Inc. IL acquired a new position in Public Storage during the 4th quarter worth approximately $32,000. Synergy Asset Management LLC acquired a new position in Public Storage during the 4th quarter worth approximately $38,000. Millstone Evans Group LLC acquired a new position in Public Storage during the 4th quarter worth approximately $38,000. Finally, Parvin Asset Management LLC acquired a new position in Public Storage during the 4th quarter worth approximately $38,000. Institutional investors own 78.79% of the company’s stock.

Public Storage Trading Up 1.1%

Shares of NYSE PSA opened at $303.93 on Monday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99. The firm has a 50 day moving average price of $294.18 and a two-hundred day moving average price of $306.45. The stock has a market cap of $53.32 billion, a P/E ratio of 31.56, a price-to-earnings-growth ratio of 4.91 and a beta of 0.91.

Public Storage (NYSE:PSA) last announced its quarterly earnings results 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 40.54% and a return on equity of 34.07%. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the prior year, the company posted $4.03 EPS. The company’s revenue was up .1% on a year-over-year basis. As a group, equities analysts forecast that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.95%. The ex-dividend date of this dividend is Thursday, June 12th. Public Storage’s dividend payout ratio (DPR) is presently 119.17%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Royal Bank of Canada lowered their price objective on shares of Public Storage from $329.00 to $328.00 and set a “sector perform” rating for the company in a research report on Friday, May 2nd. Mizuho assumed coverage on shares of Public Storage in a research report on Wednesday, April 9th. They set a “neutral” rating and a $287.00 price objective for the company. Barclays reiterated an “overweight” rating and set a $354.00 price objective (down from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Truist Financial upgraded shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price objective for the company in a research report on Thursday, April 10th. Finally, Scotiabank upgraded shares of Public Storage from a “sector perform” rating to a “sector outperform” rating and lowered their price objective for the stock from $333.00 to $305.00 in a research report on Wednesday, April 9th. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus price target of $333.75.

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.