Vident Advisory LLC Has $2.35 Million Stake in Public Storage (NYSE:PSA)

Vident Advisory LLC cut its stake in shares of Public Storage (NYSE:PSA) by 13.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,827 shares of the real estate investment trust’s stock after selling 1,235 shares during the quarter. Vident Advisory LLC’s holdings in Public Storage were worth $2,345,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Cohen & Steers Inc. lifted its holdings in Public Storage by 12.3% during the 4th quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust’s stock worth $1,626,731,000 after buying an additional 592,944 shares during the period. Geode Capital Management LLC lifted its holdings in Public Storage by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust’s stock worth $1,197,769,000 after buying an additional 78,472 shares during the period. Norges Bank acquired a new position in Public Storage during the 4th quarter worth about $931,286,000. Northern Trust Corp lifted its holdings in Public Storage by 43.4% during the 4th quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust’s stock worth $741,592,000 after buying an additional 749,913 shares during the period. Finally, Deutsche Bank AG lifted its holdings in Public Storage by 44.6% during the 4th quarter. Deutsche Bank AG now owns 1,407,754 shares of the real estate investment trust’s stock worth $421,538,000 after buying an additional 433,918 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Wells Fargo & Company cut their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Royal Bank of Canada cut their target price on Public Storage from $329.00 to $328.00 and set a “sector perform” rating on the stock in a report on Friday, May 2nd. Scotiabank boosted their price objective on Public Storage from $305.00 to $340.00 and gave the company a “sector outperform” rating in a research note on Monday, May 12th. Truist Financial upgraded Public Storage from a “hold” rating to a “buy” rating and set a $310.00 target price on the stock in a research report on Thursday, April 10th. Finally, Mizuho started coverage on Public Storage in a report on Wednesday, April 9th. They issued a “neutral” rating and a $287.00 target price for the company. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus price target of $337.42.

Public Storage Price Performance

Shares of NYSE:PSA opened at $296.13 on Thursday. 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 has a twelve month low of $256.60 and a twelve month high of $369.99. The stock’s 50 day moving average is $293.82 and its 200-day moving average is $305.26. The firm has a market capitalization of $51.95 billion, a price-to-earnings ratio of 30.75, a PEG ratio of 4.91 and a beta of 0.91.

Public Storage (NYSE:PSA) last issued its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the firm earned $4.03 earnings per share. Public Storage’s revenue for the quarter was up .1% on a year-over-year basis. Sell-side analysts forecast that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be issued a dividend of $3.00 per share. The ex-dividend date is Thursday, June 12th. This represents a $12.00 annualized dividend and a yield of 4.05%. Public Storage’s dividend payout ratio (DPR) 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.