Gould Capital LLC Sells 143 Shares of Public Storage (NYSE:PSA)

Gould Capital LLC reduced its holdings in shares of Public Storage (NYSE:PSA) by 1.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 10,196 shares of the real estate investment trust’s stock after selling 143 shares during the quarter. Public Storage makes up about 2.1% of Gould Capital LLC’s portfolio, making the stock its 15th biggest holding. Gould Capital LLC’s holdings in Public Storage were worth $3,053,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cohen & Steers Inc. boosted its stake in Public Storage by 12.3% in the 4th quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust’s stock valued at $1,626,731,000 after purchasing an additional 592,944 shares during the period. Geode Capital Management LLC boosted its stake in Public Storage by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust’s stock valued at $1,197,769,000 after purchasing an additional 78,472 shares during the period. Norges Bank bought a new stake in Public Storage in the 4th quarter valued at $931,286,000. Northern Trust Corp boosted its stake in Public Storage by 43.4% in the 4th 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 during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Public Storage by 10.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,702,522 shares of the real estate investment trust’s stock valued at $509,803,000 after purchasing an additional 158,665 shares during the period. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PSA. Barclays reduced their price target on Public Storage from $354.00 to $351.00 and set an “overweight” rating for the company in a research note on Friday, May 16th. Scotiabank upped their target price on Public Storage from $305.00 to $340.00 and gave the company a “sector outperform” rating in a research report on Monday, May 12th. Wells Fargo & Company cut their target price 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, Bank of America upped their price objective on Public Storage from $368.00 to $380.00 and gave the stock a “buy” rating in a research report on Tuesday, May 13th. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and a consensus target price of $337.42.

Public Storage Trading Up 0.3%

NYSE PSA opened at $296.74 on Friday. The business has a 50 day simple moving average of $293.70 and a 200 day simple moving average of $304.56. Public Storage has a one year low of $256.60 and a one year high of $369.99. The stock has a market capitalization of $52.06 billion, a P/E ratio of 30.81, a P/E/G 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 (NYSE:PSA) last released its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 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 business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter last year, the firm posted $4.03 earnings per share. The firm’s revenue was up .1% on a year-over-year basis. Research analysts expect 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 will be paid on Friday, June 27th. Investors 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 annualized dividend and a yield of 4.04%. Public Storage’s dividend payout ratio 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.