Hartford Funds Management Co LLC Has $552,000 Position in Public Storage (NYSE:PSA)

Hartford Funds Management Co LLC increased its position in shares of Public Storage (NYSE:PSA) by 35.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,809 shares of the real estate investment trust’s stock after buying an additional 470 shares during the quarter. Hartford Funds Management Co LLC’s holdings in Public Storage were worth $552,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Private Ocean LLC grew its position in Public Storage by 5,450.0% during the fourth quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 109 shares in the last quarter. Centerpoint Advisors LLC acquired a new stake in Public Storage during the fourth quarter worth about $35,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Public Storage during the fourth quarter worth about $35,000. Aspire Private Capital LLC grew its position in Public Storage by 44.0% during the third quarter. Aspire Private Capital LLC now owns 144 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 44 shares in the last quarter. Finally, Rise Advisors LLC lifted its stake in Public Storage by 165.5% during the fourth quarter. Rise Advisors LLC now owns 146 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 91 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Trading Down 1.3 %

PSA stock traded down $3.48 during trading on Tuesday, hitting $259.45. The company had a trading volume of 934,347 shares, compared to its average volume of 725,064. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.58. The firm has a 50-day moving average price of $277.82 and a 200-day moving average price of $276.18. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25. The stock has a market cap of $45.58 billion, a price-to-earnings ratio of 23.46, a PEG ratio of 3.38 and a beta of 0.54.

Public Storage (NYSE:PSA) last posted its quarterly earnings data 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). 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 during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter last year, the firm earned $4.16 EPS. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. As a group, analysts predict that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.63%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s dividend payout ratio is presently 108.50%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on PSA shares. Barclays started coverage on shares of Public Storage in a research note on Wednesday, March 27th. They set an “overweight” rating and a $330.00 price target for the company. The Goldman Sachs Group raised their price target on shares of Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $280.00 to $310.00 in a research note on Friday, April 5th. 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 research note on Tuesday, March 19th. Finally, 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 research note on Monday, March 18th. One research analyst has rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently 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.