Public Storage (NYSE:PSA) Stock Holdings Lessened by Hartline Investment Corp

Hartline Investment Corp lowered its stake in Public Storage (NYSE:PSA) by 5.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,399 shares of the real estate investment trust’s stock after selling 180 shares during the period. Hartline Investment Corp’s holdings in Public Storage were worth $1,037,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its stake in Public Storage by 29.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock valued at $835,032,000 after purchasing an additional 729,262 shares during the period. Charles Schwab Investment Management Inc. raised its stake 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 purchasing an additional 451,864 shares during the period. Northern Trust Corp raised its stake in Public Storage by 2.8% during the 3rd quarter. Northern Trust Corp now owns 2,311,981 shares of the real estate investment trust’s stock valued at $609,253,000 after purchasing an additional 63,289 shares during the period. Morgan Stanley increased its stake in shares of Public Storage by 0.8% in 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 during the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Public Storage by 6.5% in the third quarter. American Century Companies Inc. now owns 1,330,220 shares of the real estate investment trust’s stock worth $350,540,000 after acquiring an additional 80,784 shares during the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Stock Down 0.0 %

NYSE:PSA traded down $0.05 on Wednesday, hitting $262.17. 699,028 shares of the company’s stock were exchanged, compared to its average volume of 724,347. The firm has a 50-day moving average price of $280.07 and a 200-day moving average price of $276.62. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.62 and a quick ratio of 0.62. 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 $46.06 billion, a P/E ratio of 23.71, a price-to-earnings-growth ratio of 3.43 and a beta of 0.54.

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 analysts’ consensus estimates of $4.15 by ($1.94). Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the previous year, the company posted $4.16 earnings per share. The firm’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 EPS for the current fiscal year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders 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 dividend on an annualized basis and a yield of 4.58%. Public Storage’s dividend payout ratio (DPR) is presently 108.50%.

Analysts Set New Price Targets

PSA has been the subject of a number of recent research reports. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $280.00 to $310.00 in a report on Friday, April 5th. Truist Financial upped their price objective on shares of Public Storage from $285.00 to $315.00 and gave the stock a “buy” rating in a report on Thursday, December 28th. BMO Capital Markets upped their price objective 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 set an “overweight” rating and a $330.00 price target for the company. Finally, Raymond James upgraded shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target for the company in a report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price 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.