Plimoth Trust Co. LLC Sells 1,968 Shares of Public Storage (NYSE:PSA)

Plimoth Trust Co. LLC trimmed its position in Public Storage (NYSE:PSA - Free Report) by 40.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,925 shares of the real estate investment trust's stock after selling 1,968 shares during the quarter. Plimoth Trust Co. LLC's holdings in Public Storage were worth $875,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Global X Japan Co. Ltd. grew its stake in shares of Public Storage by 24.9% in the first quarter. Global X Japan Co. Ltd. now owns 416 shares of the real estate investment trust's stock valued at $125,000 after acquiring an additional 83 shares in the last quarter. State of Alaska Department of Revenue boosted its holdings in Public Storage by 1.4% in the 1st quarter. State of Alaska Department of Revenue now owns 95,983 shares of the real estate investment trust's stock valued at $28,725,000 after purchasing an additional 1,281 shares during the period. Kingswood Wealth Advisors LLC grew its position in shares of Public Storage by 48.9% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,984 shares of the real estate investment trust's stock worth $892,000 after purchasing an additional 980 shares in the last quarter. Wolf Group Capital Advisors bought a new position in shares of Public Storage during the first quarter worth approximately $239,000. Finally, San Luis Wealth Advisors LLC bought a new position in shares of Public Storage during the first quarter worth approximately $608,000. Institutional investors own 78.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PSA. Royal Bank Of Canada reduced their price target on Public Storage from $329.00 to $328.00 and set a "sector perform" rating on the stock in a research report on Friday, May 2nd. Evercore ISI increased their target price on Public Storage from $297.00 to $309.00 and gave the stock an "in-line" rating in a report 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 report on Friday, May 16th. Truist Financial raised shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective for the company in a research report on Thursday, April 10th. Finally, Scotiabank increased their price objective 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. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $339.25.

Public Storage Stock Performance

NYSE:PSA opened at $290.87 on Thursday. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99. 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 stock's 50-day simple moving average is $298.07 and its 200 day simple moving average is $299.98. The firm has a market capitalization of $51.03 billion, a PE ratio of 28.89, a price-to-earnings-growth ratio of 4.25 and a beta of 0.89.

Public Storage (NYSE:PSA - Get Free Report) last posted its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS 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 analysts' expectations of $1.18 billion. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The business's revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.03 earnings per share. On average, analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.13%. Public Storage's 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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