Cwm LLC Sells 6,859 Shares of Public Storage (NYSE:PSA)

Cwm LLC cut its position in shares of Public Storage (NYSE:PSA) by 6.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 97,868 shares of the real estate investment trust’s stock after selling 6,859 shares during the quarter. Cwm LLC owned about 0.06% of Public Storage worth $29,850,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of PSA. Norges Bank acquired a new stake in shares of Public Storage during the fourth quarter worth $670,512,000. Moneta Group Investment Advisors LLC increased its position in shares of Public Storage by 111,535.5% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 1,246,968 shares of the real estate investment trust’s stock worth $349,388,000 after buying an additional 1,245,851 shares during the period. Second Half Financial Partners LLC acquired a new stake in shares of Public Storage during the third quarter worth $290,129,000. Price T Rowe Associates Inc. MD increased its position in shares of Public Storage by 63.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,755,605 shares of the real estate investment trust’s stock worth $832,580,000 after buying an additional 1,071,347 shares during the period. Finally, JPMorgan Chase & Co. increased its position in shares of Public Storage by 29.9% during the third quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock worth $835,032,000 after buying an additional 729,262 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Scotiabank raised their price target on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a report on Monday, March 18th. BMO Capital Markets raised their price target on shares of Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a report on Tuesday, March 19th. Barclays assumed coverage on shares of Public Storage in a report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price target for the company. The Goldman Sachs Group raised their price objective on shares of Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. Finally, Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective on the stock in a research note on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus price target of $305.00.

Public Storage Stock Performance

PSA stock traded up $0.10 during mid-day trading on Friday, hitting $260.38. The company had a trading volume of 737,577 shares, compared to its average volume of 563,922. The firm has a market cap of $45.75 billion, a PE ratio of 23.54, a price-to-earnings-growth ratio of 3.42 and a beta of 0.54. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.62 and a current ratio of 0.62. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25. The stock’s fifty day moving average price is $280.76 and its two-hundred day moving average price is $276.49.

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

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were paid a dividend of $3.00 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $12.00 annualized dividend and a yield of 4.61%. Public Storage’s dividend payout ratio is currently 108.50%.

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.