ProShare Advisors LLC Sells 165 Shares of Public Storage (NYSE:PSA)

ProShare Advisors LLC trimmed its stake in shares of Public Storage (NYSE:PSA) by 0.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,685 shares of the real estate investment trust’s stock after selling 165 shares during the period. ProShare Advisors LLC’s holdings in Public Storage were worth $8,589,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PSA. Barclays PLC boosted its stake in shares of Public Storage by 2.9% in the 3rd quarter. Barclays PLC now owns 465,653 shares of the real estate investment trust’s stock worth $169,433,000 after buying an additional 13,065 shares during the last quarter. Park Avenue Securities LLC lifted its holdings in Public Storage by 7.7% in the fourth quarter. Park Avenue Securities LLC now owns 3,133 shares of the real estate investment trust’s stock valued at $938,000 after acquiring an additional 225 shares during the period. Hennion & Walsh Asset Management Inc. boosted its position in Public Storage by 6.1% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 5,219 shares of the real estate investment trust’s stock worth $1,563,000 after purchasing an additional 298 shares during the last quarter. Ritholtz Wealth Management grew its stake in shares of Public Storage by 42.0% during the 4th quarter. Ritholtz Wealth Management now owns 7,884 shares of the real estate investment trust’s stock valued at $2,361,000 after purchasing an additional 2,332 shares during the period. Finally, Fermata Advisors LLC grew its stake in shares of Public Storage by 4.8% during the 4th quarter. Fermata Advisors LLC now owns 925 shares of the real estate investment trust’s stock valued at $277,000 after purchasing an additional 42 shares during the period. Institutional investors own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

PSA has been the topic of several recent research reports. Wells Fargo & Company lowered their price objective on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Bank of America increased their price target on shares of Public Storage from $368.00 to $380.00 and gave the stock a “buy” rating in a research report on Tuesday, May 13th. Royal Bank of Canada cut their price objective on shares of 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. Truist Financial raised Public Storage from a “hold” rating to a “buy” rating and set a $310.00 target price on the stock in a report on Thursday, April 10th. Finally, Mizuho initiated coverage on Public Storage in a research report on Wednesday, April 9th. They set a “neutral” rating and a $287.00 target price on the stock. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Public Storage currently has an average rating of “Moderate Buy” and an average target price of $337.42.

Public Storage Price Performance

NYSE:PSA opened at $309.07 on Friday. The business’s 50-day simple moving average is $293.46 and its two-hundred day simple moving average is $305.57. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99. The stock has a market cap of $54.22 billion, a PE ratio of 32.09, a P/E/G ratio of 4.91 and a beta of 0.91. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage (NYSE:PSA) last issued its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter last year, the company earned $4.03 EPS. The firm’s quarterly revenue was up .1% on a year-over-year basis. As a group, analysts forecast 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. Stockholders of record on Thursday, June 12th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.88%. The ex-dividend date of this dividend is Thursday, June 12th. Public Storage’s dividend payout ratio (DPR) is presently 119.17%.

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.