Ameriprise Financial Inc. Trims Position in Public Storage (NYSE:PSA)

Ameriprise Financial Inc. lowered its holdings in Public Storage (NYSE:PSA - Free Report) by 3.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,198,369 shares of the real estate investment trust's stock after selling 42,582 shares during the period. Ameriprise Financial Inc. owned 0.68% of Public Storage worth $358,998,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Aptus Capital Advisors LLC boosted its holdings in shares of Public Storage by 12.1% in the 4th quarter. Aptus Capital Advisors LLC now owns 28,373 shares of the real estate investment trust's stock valued at $8,496,000 after purchasing an additional 3,059 shares during the last quarter. Atalanta Sosnoff Capital LLC raised its position in shares of Public Storage by 9.9% in the 4th quarter. Atalanta Sosnoff Capital LLC now owns 1,103 shares of the real estate investment trust's stock worth $330,000 after buying an additional 99 shares during the period. AXA S.A. raised its position in shares of Public Storage by 17.8% in the 4th quarter. AXA S.A. now owns 28,288 shares of the real estate investment trust's stock worth $8,471,000 after buying an additional 4,280 shares during the period. Alaethes Wealth LLC boosted its holdings in Public Storage by 1.7% in the fourth quarter. Alaethes Wealth LLC now owns 4,423 shares of the real estate investment trust's stock valued at $1,324,000 after acquiring an additional 74 shares during the last quarter. Finally, 4WEALTH Advisors Inc. purchased a new stake in Public Storage during the fourth quarter valued at about $286,000. Hedge funds and other institutional investors own 78.79% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PSA shares. Evercore ISI lifted their price objective on Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a research note on Friday. Scotiabank raised shares of Public Storage from a "sector perform" rating to a "sector outperform" rating and reduced their price target for the company from $333.00 to $305.00 in a research report on Wednesday, April 9th. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a "sell" rating to a "hold" rating and boosted their price objective for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Wells Fargo & Company cut their target price on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Finally, Royal Bank of Canada decreased their price target on shares of Public Storage from $329.00 to $328.00 and set a "sector perform" rating for the company in a research report on Friday. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $333.75.

Public Storage Stock Up 0.0 %

Shares of Public Storage stock opened at $300.26 on Tuesday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a 1-year low of $256.60 and a 1-year high of $369.99. The business has a 50-day moving average of $294.65 and a 200-day moving average of $307.45. The company has a market capitalization of $52.67 billion, a PE ratio of 31.18, a P/E/G ratio of 4.91 and a beta of 0.76.

Public Storage (NYSE:PSA - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.06 by $0.06. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.18 billion. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. Public Storage's revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the previous year, the business earned $4.03 EPS. As a group, equities analysts forecast that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were issued a $3.00 dividend. The ex-dividend date was Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 4.00%. Public Storage's dividend payout ratio is presently 119.17%.

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.

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