Desjardins Global Asset Management Inc. Has $375,000 Stock Holdings in Public Storage (NYSE:PSA)

Desjardins Global Asset Management Inc. cut its holdings in shares of Public Storage (NYSE:PSA) by 82.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,229 shares of the real estate investment trust’s stock after selling 5,655 shares during the period. Desjardins Global Asset Management Inc.’s holdings in Public Storage were worth $375,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Integrated Wealth Concepts LLC boosted its position in Public Storage by 16.1% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 9,741 shares of the real estate investment trust’s stock worth $2,567,000 after buying an additional 1,349 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Public Storage by 8.0% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 123,852 shares of the real estate investment trust’s stock valued at $32,638,000 after acquiring an additional 9,223 shares during the period. Raymond James & Associates lifted its position in shares of Public Storage by 4.3% during the 4th quarter. Raymond James & Associates now owns 114,482 shares of the real estate investment trust’s stock valued at $34,917,000 after acquiring an additional 4,695 shares during the period. Ellsworth Advisors LLC lifted its position in shares of Public Storage by 615.7% during the 4th quarter. Ellsworth Advisors LLC now owns 19,803 shares of the real estate investment trust’s stock valued at $6,040,000 after acquiring an additional 17,036 shares during the period. Finally, 1834 Investment Advisors Co. lifted its position in shares of Public Storage by 115.3% during the 4th quarter. 1834 Investment Advisors Co. now owns 16,952 shares of the real estate investment trust’s stock valued at $5,170,000 after acquiring an additional 9,078 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Price Performance

PSA opened at $261.67 on Thursday. The firm has a market cap of $45.97 billion, a P/E ratio of 23.66, a PEG ratio of 3.44 and a beta of 0.54. The firm has a 50-day moving average of $281.73 and a 200 day moving average of $276.46. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.62 and a current ratio of 0.62. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $312.25.

Public Storage (NYSE:PSA) last issued its earnings results 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 business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. Public Storage had a return on equity of 35.31% and a net margin of 45.34%. Public Storage’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.16 EPS. On average, research analysts expect that Public Storage will post 16.92 EPS 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. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.59%. Public Storage’s dividend payout ratio is presently 108.50%.

Wall Street Analysts Forecast Growth

PSA has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Public Storage in a research report on Tuesday, January 30th. They set a “sell” rating and a $250.00 target price on the stock. BMO Capital Markets boosted their price target on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. Barclays assumed coverage on shares of Public Storage in a research note on Wednesday, March 27th. They set an “overweight” rating and a $330.00 price target for the company. Scotiabank boosted their price target on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research note on Monday, March 18th. Finally, The Goldman Sachs Group boosted their price target on shares of Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Public Storage has an average rating of “Moderate Buy” and an average target price of $305.00.

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.