Westwood Holdings Group Inc. Sells 3,610 Shares of Public Storage (NYSE:PSA)

Westwood Holdings Group Inc. decreased its stake in Public Storage (NYSE:PSA) by 3.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 106,932 shares of the real estate investment trust’s stock after selling 3,610 shares during the period. Westwood Holdings Group Inc. owned 0.06% of Public Storage worth $32,020,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Quent Capital LLC lifted its stake in Public Storage by 135.1% in the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 50 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in Public Storage in the 4th quarter valued at about $32,000. Synergy Asset Management LLC acquired a new stake in Public Storage in the 4th quarter valued at about $38,000. Millstone Evans Group LLC acquired a new stake in Public Storage in the 4th quarter valued at about $38,000. Finally, Parvin Asset Management LLC acquired a new stake in Public Storage in the 4th quarter valued at about $38,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PSA. Evercore ISI raised their target price on shares of Public Storage from $297.00 to $309.00 and gave the company an “in-line” rating in a research note on Friday, May 2nd. Wells Fargo & Company cut their price objective on shares of 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 shares of 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. Scotiabank raised their price objective on shares of Public Storage from $305.00 to $340.00 and gave the stock a “sector outperform” rating in a research report on Monday, May 12th. Finally, Barclays cut their price objective on shares of Public Storage from $354.00 to $351.00 and set an “overweight” rating for the company in a research report on Friday. Five equities 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’s stock. According to data from MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and a consensus price target of $337.42.

Public Storage Stock Performance

Shares of NYSE:PSA opened at $309.08 on Tuesday. The company’s 50 day simple moving average is $293.57 and its 200 day simple moving average is $305.30. The stock has a market capitalization of $54.22 billion, a price-to-earnings ratio of 32.10, a price-to-earnings-growth ratio of 4.91 and a beta of 0.91. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a 1 year low of $256.60 and a 1 year high of $369.99.

Public Storage (NYSE:PSA) last announced its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.06 by $0.06. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The firm’s quarterly revenue was up .1% compared to the same quarter last year. During the same period last year, the firm posted $4.03 earnings per share. As a group, research analysts predict that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.88%. Public Storage’s payout ratio is presently 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.