Larson Financial Group LLC Reduces Stock Position in Public Storage (NYSE:PSA)

Larson Financial Group LLC cut its position in Public Storage (NYSE:PSA - Free Report) by 47.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,013 shares of the real estate investment trust's stock after selling 930 shares during the quarter. Larson Financial Group LLC's holdings in Public Storage were worth $303,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of PSA. Norges Bank purchased a new position in Public Storage in the fourth quarter valued at $931,286,000. Northern Trust Corp increased its holdings in Public Storage by 43.4% in the fourth quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust's stock valued at $741,592,000 after buying an additional 749,913 shares during the last quarter. Cohen & Steers Inc. increased its holdings in Public Storage by 12.3% in the fourth 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 last quarter. GAMMA Investing LLC increased its holdings in Public Storage by 34,827.1% in the first 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 last quarter. Finally, Deutsche Bank AG increased its holdings in Public Storage by 44.6% in the fourth 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 last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Stock Performance

NYSE:PSA traded up $0.55 during mid-day trading on Friday, reaching $284.09. The stock had a trading volume of 1,007,761 shares, compared to its average volume of 768,076. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.55 and a current ratio of 0.55. The firm has a market capitalization of $49.84 billion, a price-to-earnings ratio of 28.21, a PEG ratio of 4.14 and a beta of 0.86. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99. The business has a 50 day simple moving average of $296.64 and a 200 day simple moving average of $296.37.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, beating 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 net margin of 41.74% and a return on equity of 36.50%. The firm's revenue was up .1% compared to the same quarter last year. During the same quarter last year, the firm earned $4.03 earnings per share. On average, analysts expect that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Thursday, June 12th were given a $3.00 dividend. The ex-dividend date of this dividend was Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.22%. Public Storage's payout ratio is currently 119.17%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PSA. BNP Paribas raised Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. BNP Paribas Exane began coverage on Public Storage in a report on Tuesday, June 24th. They set an "outperform" rating and a $331.00 price objective on the stock. Royal Bank Of Canada dropped their price objective on Public Storage from $329.00 to $328.00 and set a "sector perform" rating on the stock in a report on Friday, May 2nd. Mizuho raised their price objective on Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a report on Wednesday, May 28th. Finally, Evercore ISI raised their price objective on Public Storage from $297.00 to $309.00 and gave the stock an "in-line" rating in a report on Friday, May 2nd. Six analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock 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.