Avanza Fonder AB Has $3.13 Million Holdings in Public Storage (NYSE:PSA)

Avanza Fonder AB decreased its stake in Public Storage (NYSE:PSA - Free Report) by 17.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,549 shares of the real estate investment trust's stock after selling 2,193 shares during the quarter. Avanza Fonder AB's holdings in Public Storage were worth $3,132,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PSA. Choreo LLC lifted its position in Public Storage by 7.2% in the 4th quarter. Choreo LLC now owns 2,300 shares of the real estate investment trust's stock worth $682,000 after buying an additional 155 shares in the last quarter. Apollon Wealth Management LLC raised its holdings in shares of Public Storage by 208.1% during the 4th quarter. Apollon Wealth Management LLC now owns 5,201 shares of the real estate investment trust's stock valued at $1,557,000 after purchasing an additional 3,513 shares in the last quarter. Kingsview Wealth Management LLC raised its holdings in shares of Public Storage by 4.2% during the 4th quarter. Kingsview Wealth Management LLC now owns 1,090 shares of the real estate investment trust's stock valued at $326,000 after purchasing an additional 44 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of Public Storage by 11.2% during the 4th quarter. Empowered Funds LLC now owns 2,813 shares of the real estate investment trust's stock valued at $842,000 after purchasing an additional 283 shares in the last quarter. Finally, Kestra Private Wealth Services LLC raised its holdings in shares of Public Storage by 5.8% during the 4th quarter. Kestra Private Wealth Services LLC now owns 2,510 shares of the real estate investment trust's stock valued at $752,000 after purchasing an additional 138 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Stock Performance

NYSE PSA traded down $1.80 during midday trading on Friday, hitting $294.85. The company had a trading volume of 708,578 shares, compared to its average volume of 747,074. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock has a market cap of $51.73 billion, a price-to-earnings ratio of 30.62, a P/E/G ratio of 4.91 and a beta of 0.89. The firm has a fifty day simple moving average of $297.10 and a two-hundred day simple moving average of $301.16. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last posted its quarterly earnings results 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. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period last year, the business posted $4.03 EPS. The business's quarterly revenue was up .1% on a year-over-year basis. Equities analysts forecast that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be given a dividend of $3.00 per share. The ex-dividend date of this dividend is Thursday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.07%. Public Storage's dividend payout ratio (DPR) is currently 119.17%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on PSA shares. Royal Bank of Canada cut their price target on shares of Public Storage from $329.00 to $328.00 and set a "sector perform" rating on the stock in a report on Friday, May 2nd. 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 report on Tuesday, May 13th. Barclays dropped their target price on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a report on Friday, May 16th. Truist Financial upgraded shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price on the stock in a report on Thursday, April 10th. Finally, 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 report on Monday, May 12th. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $339.25.

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.