Public Storage (NYSE:PSA) Stock Holdings Lessened by Citizens Financial Group Inc. RI

Citizens Financial Group Inc. RI reduced its holdings in Public Storage (NYSE:PSA) by 1.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 11,503 shares of the real estate investment trust’s stock after selling 201 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in Public Storage were worth $3,508,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Integrated Wealth Concepts LLC lifted its position in shares of Public Storage by 16.1% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 9,741 shares of the real estate investment trust’s stock worth $2,567,000 after buying an additional 1,349 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Public Storage by 8.0% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 123,852 shares of the real estate investment trust’s stock valued at $32,638,000 after purchasing an additional 9,223 shares during the last quarter. Raymond James & Associates lifted its position in Public Storage by 4.3% in the 4th quarter. Raymond James & Associates now owns 114,482 shares of the real estate investment trust’s stock valued at $34,917,000 after purchasing an additional 4,695 shares during the last quarter. Ellsworth Advisors LLC lifted its position in Public Storage by 615.7% in the 4th quarter. Ellsworth Advisors LLC now owns 19,803 shares of the real estate investment trust’s stock valued at $6,040,000 after purchasing an additional 17,036 shares during the last quarter. Finally, 1834 Investment Advisors Co. lifted its position in Public Storage by 115.3% in the 4th quarter. 1834 Investment Advisors Co. now owns 16,952 shares of the real estate investment trust’s stock valued at $5,170,000 after purchasing an additional 9,078 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. The Goldman Sachs Group lifted their price objective on shares of Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $280.00 to $310.00 in a research report on Friday, April 5th. Scotiabank lifted their price objective 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. 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 objective on the stock. Finally, Barclays initiated coverage on shares of Public Storage in a research report on Wednesday, March 27th. They set an “overweight” rating and a $330.00 price target on the stock. One equities research 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 stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $305.00.

Public Storage Price Performance

Shares of PSA stock traded down $0.95 during midday trading on Friday, reaching $257.73. 577,684 shares of the company were exchanged, compared to its average volume of 582,087. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25. The company has a market cap of $45.28 billion, a P/E ratio of 23.30, a PEG ratio of 3.39 and a beta of 0.54. The company’s 50 day moving average price is $278.68 and its two-hundred day moving average price is $276.31. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.62 and a current ratio of 0.62.

Public Storage (NYSE:PSA) last announced its quarterly earnings data 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). The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.14 billion. Public Storage had a return on equity of 35.31% and a net margin of 45.34%. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the prior year, the firm earned $4.16 EPS. On average, sell-side analysts expect that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were paid a $3.00 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.66%. Public Storage’s dividend payout ratio is currently 108.50%.

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.