Public Storage (NYSE:PSA) Shares Sold by Sheets Smith Wealth Management

Sheets Smith Wealth Management cut its holdings in Public Storage (NYSE:PSA) by 0.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 28,620 shares of the real estate investment trust’s stock after selling 200 shares during the quarter. Public Storage comprises about 1.1% of Sheets Smith Wealth Management’s investment portfolio, making the stock its 23rd biggest holding. Sheets Smith Wealth Management’s holdings in Public Storage were worth $8,729,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Commonwealth Equity Services LLC grew its holdings in shares of Public Storage by 3.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 41,348 shares of the real estate investment trust’s stock worth $10,896,000 after acquiring an additional 1,303 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in Public Storage by 4.0% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 15,436 shares of the real estate investment trust’s stock worth $4,068,000 after purchasing an additional 599 shares in the last quarter. Raymond James & Associates raised its holdings in Public Storage by 38.8% during the 3rd quarter. Raymond James & Associates now owns 109,787 shares of the real estate investment trust’s stock worth $28,931,000 after buying an additional 30,673 shares during the period. Raymond James Financial Services Advisors Inc. lifted its stake in Public Storage by 14.6% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 55,656 shares of the real estate investment trust’s stock valued at $14,666,000 after buying an additional 7,111 shares in the last quarter. Finally, Stratos Wealth Partners LTD. boosted its holdings in shares of Public Storage by 22.5% in the third quarter. Stratos Wealth Partners LTD. now owns 2,168 shares of the real estate investment trust’s stock worth $571,000 after buying an additional 398 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. The Goldman Sachs Group boosted their price target on shares of Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a report on Thursday, January 11th. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price for the company in a report on Thursday, March 28th. Scotiabank lifted their price target on Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a report on Monday, March 18th. BMO Capital Markets raised their price objective on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 19th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Public Storage in a research report on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price target for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $305.00.

Public Storage Stock Up 0.7 %

Shares of PSA traded up $1.83 during mid-day trading on Friday, hitting $265.76. 662,239 shares of the company’s stock were exchanged, compared to its average volume of 697,055. The stock has a market cap of $46.69 billion, a price-to-earnings ratio of 24.14, a P/E/G ratio of 3.49 and a beta of 0.57. The firm has a fifty day moving average of $276.44 and a two-hundred day moving average of $276.00. The company has a quick ratio of 0.62, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. Public Storage has a twelve month low of $233.18 and a twelve month high of $312.25.

Public Storage (NYSE:PSA) last issued its quarterly earnings data 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 return on equity of 36.17% and a net margin of 45.62%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the company posted $4.16 earnings per share. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. On average, sell-side analysts forecast that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors 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 4.52%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s payout ratio is 108.99%.

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.