Atalanta Sosnoff Capital LLC Grows Stock Position in Public Storage (NYSE:PSA)

Atalanta Sosnoff Capital LLC increased its position in shares of Public Storage (NYSE:PSA) by 9.9% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,103 shares of the real estate investment trust’s stock after purchasing an additional 99 shares during the quarter. Atalanta Sosnoff Capital LLC’s holdings in Public Storage were worth $330,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in PSA. Barclays PLC grew its holdings in shares of Public Storage by 2.9% during the third quarter. Barclays PLC now owns 465,653 shares of the real estate investment trust’s stock worth $169,433,000 after buying an additional 13,065 shares in the last quarter. World Investment Advisors LLC purchased a new stake in Public Storage during the 3rd quarter valued at about $3,713,000. Wilmington Savings Fund Society FSB acquired a new stake in Public Storage in the 3rd quarter valued at about $1,466,000. Tidal Investments LLC lifted its stake in Public Storage by 30.3% in the 3rd quarter. Tidal Investments LLC now owns 11,386 shares of the real estate investment trust’s stock worth $4,143,000 after purchasing an additional 2,646 shares in the last quarter. Finally, Synovus Financial Corp boosted its holdings in shares of Public Storage by 42.0% during the 3rd quarter. Synovus Financial Corp now owns 5,776 shares of the real estate investment trust’s stock worth $2,101,000 after purchasing an additional 1,708 shares during the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PSA has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and lifted their price objective for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Scotiabank upgraded Public Storage from a “sector perform” rating to a “sector outperform” rating and reduced their price target for the stock from $333.00 to $305.00 in a report on Wednesday, April 9th. Barclays reissued an “overweight” rating and issued a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Royal Bank of Canada reduced 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 note on Friday. Finally, Truist Financial raised shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price target for the company in a research note on Thursday, April 10th. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $333.75.

Public Storage Stock Up 0.0 %

NYSE:PSA opened at $300.14 on Friday. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99. The stock’s fifty day moving average is $294.73 and its two-hundred day moving average is $308.30. The stock has a market capitalization of $52.65 billion, a price-to-earnings ratio of 31.17, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage (NYSE:PSA) last announced its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, beating analysts’ consensus estimates of $4.06 by $0.06. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. Public Storage’s revenue for the quarter was up .1% on a year-over-year basis. During the same period last year, the business posted $4.03 EPS. Research analysts anticipate that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.00%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage’s payout ratio is currently 119.17%.

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.