Amalgamated Bank Reduces Stake in Public Storage (NYSE:PSA)

Amalgamated Bank lessened its position in shares of Public Storage (NYSE:PSA) by 4.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 39,146 shares of the real estate investment trust’s stock after selling 2,027 shares during the quarter. Amalgamated Bank’s holdings in Public Storage were worth $11,940,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of PSA. Summit Global Investments increased its holdings in Public Storage by 17.5% during the fourth quarter. Summit Global Investments now owns 4,897 shares of the real estate investment trust’s stock valued at $1,494,000 after buying an additional 730 shares during the last quarter. Natixis Advisors L.P. boosted its holdings in Public Storage by 8.7% in the 4th quarter. Natixis Advisors L.P. now owns 46,594 shares of the real estate investment trust’s stock worth $14,211,000 after buying an additional 3,736 shares during the period. Benjamin Edwards Inc. increased its stake in Public Storage by 362.6% in the 4th quarter. Benjamin Edwards Inc. now owns 3,664 shares of the real estate investment trust’s stock worth $1,118,000 after buying an additional 2,872 shares in the last quarter. Rogco LP raised its stake in Public Storage by 25.2% during the 4th quarter. Rogco LP now owns 3,677 shares of the real estate investment trust’s stock valued at $1,121,000 after purchasing an additional 740 shares during the period. Finally, First Trust Direct Indexing L.P. lifted its holdings in Public Storage by 26.1% in the 4th quarter. First Trust Direct Indexing L.P. now owns 2,434 shares of the real estate investment trust’s stock worth $742,000 after purchasing an additional 504 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Trading Up 0.7 %

Public Storage stock traded up $1.83 during midday trading on Friday, reaching $265.76. The stock had a trading volume of 662,239 shares, compared to its average volume of 697,055. The company has a quick ratio of 0.62, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. The firm has a market cap of $46.69 billion, a price-to-earnings ratio of 24.14, a price-to-earnings-growth ratio of 3.46 and a beta of 0.57. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. The company has a fifty day moving average of $276.82 and a 200 day moving average of $275.99.

Public Storage (NYSE:PSA) last posted its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). Public Storage had a net margin of 45.62% and a return on equity of 36.17%. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the previous year, the firm earned $4.16 EPS. Public Storage’s revenue was up 6.6% compared to the same quarter last year. On average, analysts anticipate that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were issued 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 4.52%. Public Storage’s payout ratio is 108.99%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Barclays assumed coverage on shares of Public Storage in a research report on Wednesday, March 27th. They set an “overweight” rating and a $330.00 target price for the company. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $280.00 to $310.00 in a research note on Friday, April 5th. BMO Capital Markets increased their target price on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research report on Tuesday, March 19th. Deutsche Bank Aktiengesellschaft began coverage on shares of Public Storage in a research report on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price target on the stock. Finally, The Goldman Sachs Group increased their price objective 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. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target 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.