Los Angeles Capital Management LLC Sells 24,398 Shares of Public Storage (NYSE:PSA)

Los Angeles Capital Management LLC reduced its position in Public Storage (NYSE:PSA) by 63.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,973 shares of the real estate investment trust’s stock after selling 24,398 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Public Storage were worth $4,262,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of PSA. Integrated Wealth Concepts LLC raised its position in Public Storage by 16.1% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 9,741 shares of the real estate investment trust’s stock valued at $2,567,000 after purchasing an additional 1,349 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Public Storage by 8.0% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 123,852 shares of the real estate investment trust’s stock valued at $32,638,000 after purchasing an additional 9,223 shares in the last quarter. Raymond James & Associates increased its position in shares of Public Storage by 4.3% during the fourth quarter. Raymond James & Associates now owns 114,482 shares of the real estate investment trust’s stock worth $34,917,000 after acquiring an additional 4,695 shares in the last quarter. Ellsworth Advisors LLC boosted its stake in Public Storage by 615.7% in the 4th quarter. Ellsworth Advisors LLC now owns 19,803 shares of the real estate investment trust’s stock worth $6,040,000 after purchasing an additional 17,036 shares during the period. Finally, 1834 Investment Advisors Co. grew its holdings in shares of Public Storage by 115.3% during the fourth quarter. 1834 Investment Advisors Co. now owns 16,952 shares of the real estate investment trust’s stock worth $5,170,000 after buying an additional 9,078 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analysts Set New Price Targets

PSA has been the subject of a number of analyst reports. Barclays initiated coverage on Public Storage in a research note on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price target for the company. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price for the company in a research report on Thursday, March 28th. The Goldman Sachs Group increased their price target on Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $280.00 to $310.00 in a research report on Friday, April 5th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Public Storage in a research report on Tuesday, January 30th. They set a “sell” rating and a $250.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $305.00.

Public Storage Trading Up 0.7 %

NYSE PSA opened at $265.76 on Monday. Public Storage has a 52 week low of $233.18 and a 52 week high of $312.25. The company has a market cap of $46.69 billion, a price-to-earnings ratio of 24.14, a P/E/G ratio of 3.49 and a beta of 0.57. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. The business has a 50 day moving average price of $276.44 and a 200-day moving average price of $276.00.

Public Storage (NYSE:PSA) last announced its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). Public Storage had a return on equity of 36.17% and a net margin of 45.62%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the previous year, the firm earned $4.16 EPS. Public Storage’s quarterly revenue was up 6.6% on a year-over-year basis. As a group, equities analysts expect that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were paid a dividend of $3.00 per share. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.52%. Public Storage’s payout ratio is 108.99%.

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.