Clifford Swan Investment Counsel LLC Sells 56 Shares of Public Storage (NYSE:PSA)

Clifford Swan Investment Counsel LLC lessened its holdings in shares of Public Storage (NYSE:PSA) by 0.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,666 shares of the real estate investment trust’s stock after selling 56 shares during the quarter. Clifford Swan Investment Counsel LLC’s holdings in Public Storage were worth $8,133,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Private Ocean LLC grew its stake in Public Storage by 5,450.0% in the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock valued at $34,000 after buying an additional 109 shares in the last quarter. Centerpoint Advisors LLC purchased a new stake in Public Storage during the 4th quarter worth about $35,000. Turtle Creek Wealth Advisors LLC purchased a new position in Public Storage during the 4th quarter valued at about $35,000. Aspire Private Capital LLC increased its position in shares of 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 valued at $38,000 after buying an additional 44 shares during the period. Finally, Rise Advisors LLC lifted its holdings in shares of Public Storage by 165.5% in the fourth quarter. Rise Advisors LLC now owns 146 shares of the real estate investment trust’s stock worth $44,000 after buying an additional 91 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Trading Up 0.7 %

NYSE PSA traded up $1.83 during trading on Friday, hitting $265.76. 662,239 shares of the company’s stock traded hands, compared to its average volume of 697,055. The firm has a market cap of $46.69 billion, a P/E ratio of 24.14, a PEG ratio of 3.49 and a beta of 0.57. The stock has a fifty day moving average of $276.44 and a two-hundred day moving average of $276.00. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.62. Public Storage has a 12-month low of $233.18 and a 12-month high of $312.25.

Public Storage (NYSE:PSA) last issued 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). Public Storage had a net margin of 45.62% and a return on equity of 36.17%. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the prior year, the company earned $4.16 earnings per share. The company’s revenue was up 6.6% compared to the same quarter last year. As a group, sell-side analysts expect that Public Storage will post 16.92 EPS for the current year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were given 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 4.52%. Public Storage’s payout ratio is currently 108.99%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PSA. Barclays started coverage on shares of Public Storage in a report on Wednesday, March 27th. They set an “overweight” rating and a $330.00 target price on the stock. The Goldman Sachs Group increased their price objective on Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research 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 research report on Thursday, March 28th. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $280.00 to $310.00 in a report on Friday, April 5th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Public Storage in a report on Tuesday, January 30th. They set a “sell” rating and a $250.00 price objective for the company. One investment analyst has rated the stock with a sell rating, four have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and an average price target of $305.00.

Public Storage Company 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.