Crossmark Global Holdings Inc. Sells 274,211 Shares of Public Storage (NYSE:PSA)

Crossmark Global Holdings Inc. trimmed its holdings in Public Storage (NYSE:PSA - Free Report) by 97.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,057 shares of the real estate investment trust's stock after selling 274,211 shares during the period. Crossmark Global Holdings Inc.'s holdings in Public Storage were worth $2,112,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Ameriflex Group Inc. bought a new position in shares of Public Storage in the fourth quarter valued at $30,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Public Storage during the fourth quarter valued at about $32,000. Opal Wealth Advisors LLC bought a new position in shares of Public Storage during the first quarter valued at about $36,000. Millstone Evans Group LLC bought a new position in shares of Public Storage during the fourth quarter valued at about $38,000. Finally, Parvin Asset Management LLC bought a new position in shares of Public Storage during the fourth quarter valued at about $38,000. 78.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Bank of America raised their price target on shares of Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Evercore ISI lifted their target price on shares of Public Storage from $297.00 to $309.00 and gave the stock an "in-line" rating in a research note on Friday, May 2nd. BMO Capital Markets downgraded shares of Public Storage from an "outperform" rating to a "market perform" rating and reduced their target price for the stock from $340.00 to $325.00 in a research note on Friday, June 20th. Scotiabank lifted their target price on shares of Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a research note on Monday, May 12th. Finally, Truist Financial upgraded shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price for the company in a research note on Thursday, April 10th. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $337.64.

Public Storage Price Performance

NYSE:PSA traded down $0.03 during mid-day trading on Friday, hitting $288.81. 1,425,643 shares of the stock traded hands, compared to its average volume of 761,280. Public Storage has a 12-month low of $256.60 and a 12-month high of $369.99. The company has a market cap of $50.67 billion, a PE ratio of 28.68, a price-to-earnings-growth ratio of 4.18 and a beta of 0.86. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 1.77. The business's 50-day moving average price is $298.17 and its 200 day moving average price is $296.87.

Public Storage (NYSE:PSA - Get Free Report) last announced its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.06 by $0.06. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period in the previous year, the business posted $4.03 earnings per share. Public Storage's revenue for the quarter was up .1% on a year-over-year basis. On average, analysts expect that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Thursday, June 12th were given a dividend of $3.00 per share. The ex-dividend date of this dividend was Thursday, June 12th. This represents a $12.00 annualized dividend and a yield of 4.15%. Public Storage's payout ratio is presently 119.17%.

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.