Lathrop Investment Management Corp Has $216,000 Stock Holdings in Public Storage (NYSE:PSA)

Lathrop Investment Management Corp trimmed its stake in shares of Public Storage (NYSE:PSA) by 7.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 707 shares of the real estate investment trust’s stock after selling 60 shares during the quarter. Lathrop Investment Management Corp’s holdings in Public Storage were worth $216,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. DAVENPORT & Co LLC increased its position in Public Storage by 3.9% in the 3rd quarter. DAVENPORT & Co LLC now owns 2,536 shares of the real estate investment trust’s stock valued at $668,000 after acquiring an additional 95 shares during the period. Avior Wealth Management LLC increased its position in Public Storage by 49.5% in the 3rd quarter. Avior Wealth Management LLC now owns 145 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 48 shares during the period. Exchange Traded Concepts LLC increased its position in Public Storage by 4.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 2,155 shares of the real estate investment trust’s stock valued at $568,000 after acquiring an additional 101 shares during the period. Czech National Bank increased its position in Public Storage by 47.7% in the 3rd quarter. Czech National Bank now owns 27,659 shares of the real estate investment trust’s stock valued at $7,289,000 after acquiring an additional 8,928 shares during the period. Finally, Handelsbanken Fonder AB increased its position in Public Storage by 1.0% in the 3rd quarter. Handelsbanken Fonder AB now owns 58,196 shares of the real estate investment trust’s stock valued at $15,336,000 after acquiring an additional 589 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PSA has been the subject of several recent research reports. Scotiabank upped their price target on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research report on Monday, March 18th. BMO Capital Markets upped their price objective on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. 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. Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $280.00 to $310.00 in a research note on Friday, April 5th. Finally, The Goldman Sachs Group upped 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. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $305.00.

Public Storage Stock Down 0.4 %

NYSE PSA traded down $0.95 on Friday, hitting $257.73. 577,684 shares of the company were exchanged, compared to its average volume of 582,087. The company has a market cap of $45.28 billion, a PE ratio of 23.30, a PEG ratio of 3.39 and a beta of 0.54. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25. The stock has a fifty day moving average of $278.68 and a 200-day moving average of $276.31. The company has a current ratio of 0.62, a quick 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 company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the prior year, the company earned $4.16 earnings per share. The firm’s revenue was up 6.6% compared to the same quarter last year. As a group, analysts forecast that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.66%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s dividend payout ratio (DPR) is 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.