Envestnet Portfolio Solutions Inc. Trims Stake in Public Storage (NYSE:PSA)

Envestnet Portfolio Solutions Inc. reduced its position in shares of Public Storage (NYSE:PSA - Free Report) by 36.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,592 shares of the real estate investment trust's stock after selling 1,515 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Public Storage were worth $776,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of PSA. Norges Bank purchased a new position in Public Storage during the 4th quarter worth $931,286,000. Northern Trust Corp lifted its position in Public Storage by 43.4% during the 4th quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust's stock worth $741,592,000 after acquiring an additional 749,913 shares during the period. Cohen & Steers Inc. lifted its holdings in shares of Public Storage by 12.3% in the 4th quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock valued at $1,626,731,000 after buying an additional 592,944 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Public Storage by 34,827.1% in the 1st quarter. GAMMA Investing LLC now owns 524,955 shares of the real estate investment trust's stock valued at $157,114,000 after buying an additional 523,452 shares during the period. Finally, Deutsche Bank AG lifted its holdings in shares of Public Storage by 44.6% in the 4th quarter. Deutsche Bank AG now owns 1,407,754 shares of the real estate investment trust's stock valued at $421,538,000 after buying an additional 433,918 shares during the period. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Stock Down 2.0%

NYSE:PSA opened at $289.69 on Thursday. The firm has a market capitalization of $50.82 billion, a PE ratio of 28.77, a price-to-earnings-growth ratio of 4.28 and a beta of 0.89. The stock has a 50 day moving average of $298.81 and a 200-day moving average of $298.47. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.77.

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

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.14%. The ex-dividend date is Thursday, June 12th. Public Storage's payout ratio is 119.17%.

Wall Street Analysts Forecast Growth

PSA has been the subject of a number of analyst reports. Evercore ISI upped their price target on Public Storage from $297.00 to $309.00 and gave the stock an "in-line" rating in a report on Friday, May 2nd. BMO Capital Markets cut Public Storage from an "outperform" rating to a "market perform" rating and dropped their target price for the company from $340.00 to $325.00 in a report on Friday, June 20th. Royal Bank Of Canada decreased their price target on Public Storage from $329.00 to $328.00 and set a "sector perform" rating on the stock in a research note on Friday, May 2nd. Barclays decreased their price target on Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a research note on Friday, May 16th. Finally, BNP Paribas raised Public Storage to a "strong-buy" rating in a research note on Tuesday. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $337.64.

Public Storage 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.

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