Lindbrook Capital LLC Decreases Holdings in Public Storage (NYSE:PSA)

Lindbrook Capital LLC lessened its position in Public Storage (NYSE:PSA) by 20.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 788 shares of the real estate investment trust’s stock after selling 204 shares during the period. Lindbrook Capital LLC’s holdings in Public Storage were worth $240,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of PSA. JPMorgan Chase & Co. lifted its position in shares of Public Storage by 29.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock worth $835,032,000 after purchasing an additional 729,262 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Public Storage by 22.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,470,839 shares of the real estate investment trust’s stock valued at $633,949,000 after acquiring an additional 451,864 shares in the last quarter. Northern Trust Corp raised its holdings in Public Storage by 2.8% in the third quarter. Northern Trust Corp now owns 2,311,981 shares of the real estate investment trust’s stock worth $609,253,000 after purchasing an additional 63,289 shares in the last quarter. Morgan Stanley boosted its stake in Public Storage by 0.8% during the third quarter. Morgan Stanley now owns 1,680,149 shares of the real estate investment trust’s stock worth $442,753,000 after acquiring an additional 13,864 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Public Storage by 6.5% during the third quarter. American Century Companies Inc. now owns 1,330,220 shares of the real estate investment trust’s stock valued at $350,540,000 after purchasing an additional 80,784 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of Public Storage stock opened at $261.44 on Tuesday. The stock’s 50-day simple moving average is $280.36 and its 200-day simple moving average is $276.63. The company has a market capitalization of $45.93 billion, a price-to-earnings ratio of 23.64, a PEG ratio of 3.42 and a beta of 0.54. Public Storage has a 52 week low of $233.18 and a 52 week high of $312.25. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.58.

Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.15 by ($1.94). Public Storage had a return on equity of 35.31% and a net margin of 45.34%. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period last year, the firm posted $4.16 earnings per share. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. As a group, analysts expect that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were given a $3.00 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $12.00 annualized dividend and a yield of 4.59%. Public Storage’s dividend payout ratio is currently 108.50%.

Analyst Ratings Changes

PSA has been the topic of a number of recent research reports. The Goldman Sachs Group increased their price target on shares of Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a report on Thursday, January 11th. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $280.00 to $310.00 in a report on Friday, April 5th. Truist Financial increased their price objective on Public Storage from $285.00 to $315.00 and gave the company a “buy” rating in a research report on Thursday, December 28th. Deutsche Bank Aktiengesellschaft started coverage on Public Storage in a research report on Tuesday, January 30th. They issued a “sell” rating and a $250.00 target price for the company. Finally, BMO Capital Markets lifted their price target on shares of Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Public Storage has an average rating of “Moderate Buy” and a consensus price target of $305.00.

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.