Hartford Investment Management Co. Trims Stock Holdings in Public Storage (NYSE:PSA)

Hartford Investment Management Co. reduced its stake in shares of Public Storage (NYSE:PSA) by 1.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,620 shares of the real estate investment trust’s stock after selling 100 shares during the period. Hartford Investment Management Co.’s holdings in Public Storage were worth $2,879,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PSA. Northern Trust Corp lifted its holdings in Public Storage by 43.4% during the fourth quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust’s stock valued at $741,592,000 after purchasing an additional 749,913 shares in the last quarter. Cohen & Steers Inc. grew its position in shares of Public Storage by 12.3% during the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust’s stock worth $1,626,731,000 after purchasing an additional 592,944 shares in the last quarter. GAMMA Investing LLC raised its stake in Public Storage by 34,827.1% during the 1st quarter. GAMMA Investing LLC now owns 524,955 shares of the real estate investment trust’s stock valued at $157,114,000 after purchasing an additional 523,452 shares during the period. Deutsche Bank AG lifted its holdings in Public Storage by 44.6% in 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 purchasing an additional 433,918 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Public Storage in the 4th quarter worth approximately $99,157,000. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on PSA shares. BNP Paribas Exane began coverage on shares of Public Storage in a research report on Tuesday, June 24th. They set an “outperform” rating and a $331.00 price objective on the stock. Evercore ISI lifted their price target on shares of Public Storage from $297.00 to $309.00 and gave the company an “in-line” rating in a report on Friday, May 2nd. Barclays dropped their price objective on shares of Public Storage from $354.00 to $351.00 and set an “overweight” rating for the company in a report on Friday, May 16th. Wall Street Zen cut Public Storage from a “hold” rating to a “sell” rating in a report on Saturday. Finally, BMO Capital Markets lowered Public Storage from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $340.00 to $325.00 in a research note on Friday, June 20th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and an average price target of $335.57.

Public Storage Price Performance

PSA stock opened at $279.34 on Friday. The stock has a market cap of $49.00 billion, a PE ratio of 30.46, a P/E/G ratio of 3.97 and a beta of 0.86. Public Storage has a 12 month low of $256.60 and a 12 month high of $369.99. The company has a 50-day moving average price of $293.33 and a 200 day moving average price of $295.77. The company has a current ratio of 1.77, a quick ratio of 0.55 and a debt-to-equity ratio of 2.04.

Public Storage (NYSE:PSA) last announced its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.23 by $0.05. Public Storage had a return on equity of 34.06% and a net margin of 38.13%. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same quarter in the previous year, the business earned $4.23 earnings per share. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. Equities research analysts anticipate that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Thursday, June 12th were paid a $3.00 dividend. The ex-dividend date was Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.3%. Public Storage’s dividend payout ratio (DPR) is presently 130.86%.

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.