Public Storage (NYSE:PSA) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lessened its stake in shares of Public Storage (NYSE:PSA - Free Report) by 2.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 163,662 shares of the real estate investment trust's stock after selling 4,051 shares during the quarter. Envestnet Asset Management Inc. owned 0.09% of Public Storage worth $48,982,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Concurrent Investment Advisors LLC boosted its stake in Public Storage by 228.8% during the first quarter. Concurrent Investment Advisors LLC now owns 4,218 shares of the real estate investment trust's stock worth $1,262,000 after buying an additional 2,935 shares during the period. Wayfinding Financial LLC purchased a new position in Public Storage during the first quarter worth about $41,000. Catalyst Capital Advisors LLC boosted its stake in Public Storage by 45.2% during the first quarter. Catalyst Capital Advisors LLC now owns 527 shares of the real estate investment trust's stock worth $158,000 after buying an additional 164 shares during the period. Global Wealth Management Investment Advisory Inc. boosted its stake in Public Storage by 33.8% during the first quarter. Global Wealth Management Investment Advisory Inc. now owns 2,923 shares of the real estate investment trust's stock worth $875,000 after buying an additional 738 shares during the period. Finally, IFM Investors Pty Ltd boosted its stake in Public Storage by 4.2% during the first quarter. IFM Investors Pty Ltd now owns 71,381 shares of the real estate investment trust's stock worth $21,364,000 after buying an additional 2,864 shares during the period. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Stock Down 0.0%

Public Storage stock traded down $0.03 during trading on Friday, reaching $288.81. The stock had a trading volume of 1,425,643 shares, compared to its average volume of 761,609. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99. The business has a 50 day moving average price of $298.17 and a 200 day moving average price of $296.85. 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 has a market cap of $50.67 billion, a PE ratio of 28.68, a P/E/G ratio of 4.18 and a beta of 0.86.

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

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Thursday, June 12th were issued a dividend of $3.00 per share. 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 4.15%. Public Storage's payout ratio is currently 119.17%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PSA. Truist Financial raised 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. Scotiabank raised their price objective on shares of Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a research note on Monday, May 12th. Mizuho raised their price objective on shares of Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. BNP Paribas raised shares of Public Storage to a "strong-buy" rating in a research note on Tuesday, June 24th. Finally, Evercore ISI raised their price objective on shares of Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a research note 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. According to MarketBeat.com, Public Storage currently has a consensus rating of "Moderate Buy" and a consensus price target of $337.64.

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.