Lighthouse Investment Partners LLC Has $4.79 Million Stake in Public Storage (NYSE:PSA)

Lighthouse Investment Partners LLC lowered its holdings in Public Storage (NYSE:PSA) by 31.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 16,000 shares of the real estate investment trust’s stock after selling 7,500 shares during the period. Lighthouse Investment Partners LLC’s holdings in Public Storage were worth $4,791,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of PSA. Barclays PLC boosted its stake in Public Storage by 2.9% in the third quarter. Barclays PLC now owns 465,653 shares of the real estate investment trust’s stock worth $169,433,000 after purchasing an additional 13,065 shares in the last quarter. Harbor Capital Advisors Inc. raised its position in shares of Public Storage by 70.0% during the fourth quarter. Harbor Capital Advisors Inc. now owns 255 shares of the real estate investment trust’s stock worth $76,000 after acquiring an additional 105 shares during the last quarter. Graypoint LLC raised its position in shares of Public Storage by 7.5% during the fourth quarter. Graypoint LLC now owns 747 shares of the real estate investment trust’s stock worth $224,000 after acquiring an additional 52 shares during the last quarter. Czech National Bank raised its position in shares of Public Storage by 6.5% during the fourth quarter. Czech National Bank now owns 34,170 shares of the real estate investment trust’s stock worth $10,232,000 after acquiring an additional 2,083 shares during the last quarter. Finally, Capital Investment Advisors LLC raised its position in shares of Public Storage by 25.4% during the fourth quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust’s stock worth $8,566,000 after acquiring an additional 5,793 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PSA. Royal Bank of Canada dropped their target price on 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. Bank of America upgraded Public Storage from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $349.00 to $368.00 in a research report on Tuesday, April 22nd. Truist Financial upgraded Public Storage from a “hold” rating to a “buy” rating and set a $310.00 target price for the company in a research report on Thursday, April 10th. Evercore ISI boosted their target price on Public Storage from $297.00 to $309.00 and gave the stock an “in-line” rating in a research report on Friday, May 2nd. Finally, Wells Fargo & Company dropped their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Five 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. According to MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and an average target price of $336.67.

Public Storage Trading Up 0.4%

NYSE PSA opened at $305.22 on Tuesday. Public Storage has a 12 month low of $256.60 and a 12 month high of $369.99. The stock has a 50-day simple moving average of $294.05 and a 200 day simple moving average of $306.23. The company has a market capitalization of $53.55 billion, a PE ratio of 31.69, a P/E/G ratio of 4.91 and a beta of 0.91. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

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, topping the consensus estimate of $4.06 by $0.06. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the prior year, the company earned $4.03 earnings per share. The company’s revenue for the quarter was up .1% compared to the same quarter last year. Research analysts forecast that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be issued a $3.00 dividend. The ex-dividend date is Thursday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 3.93%. Public Storage’s dividend payout ratio (DPR) is currently 119.17%.

About Public Storage

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.