Rafferty Asset Management LLC Has $6.21 Million Stock Holdings in Public Storage (NYSE:PSA)

Rafferty Asset Management LLC cut its holdings in Public Storage (NYSE:PSA) by 7.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 20,742 shares of the real estate investment trust’s stock after selling 1,648 shares during the quarter. Rafferty Asset Management LLC’s holdings in Public Storage were worth $6,211,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Public Storage in the fourth quarter valued at $43,000. Point72 Asset Management L.P. acquired a new stake in shares of Public Storage in the fourth quarter valued at $60,742,000. Quantinno Capital Management LP increased its stake in shares of Public Storage by 148.5% in the fourth quarter. Quantinno Capital Management LP now owns 28,309 shares of the real estate investment trust’s stock valued at $8,477,000 after buying an additional 16,919 shares in the last quarter. Mufg Securities Americas Inc. acquired a new stake in shares of Public Storage in the fourth quarter valued at $697,000. Finally, Nissay Asset Management Corp Japan ADV increased its stake in shares of Public Storage by 2.0% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 41,607 shares of the real estate investment trust’s stock valued at $12,403,000 after buying an additional 830 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Price Performance

Public Storage stock opened at $309.07 on Friday. The firm has a market capitalization of $54.22 billion, a P/E ratio of 32.09, a PEG ratio of 4.91 and a beta of 0.91. Public Storage has a 1 year low of $256.60 and a 1 year high of $369.99. The business has a 50-day moving average of $293.46 and a 200-day moving average of $305.57. 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 posted its 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. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the previous year, the company earned $4.03 EPS. On average, equities analysts anticipate that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.88%. The ex-dividend date is Thursday, June 12th. Public Storage’s dividend payout ratio (DPR) is presently 119.17%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PSA. Scotiabank raised their target price 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. Royal Bank of Canada lowered their price objective 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. Wells Fargo & Company lowered their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Truist Financial upgraded Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price objective for the company in a research report on Thursday, April 10th. Finally, Mizuho initiated coverage on Public Storage in a research report on Wednesday, April 9th. They issued a “neutral” rating and a $287.00 price objective for the company. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $337.42.

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.