GAM Holding AG Sells 4,918 Shares of Public Storage (NYSE:PSA)

GAM Holding AG trimmed its stake in shares of Public Storage (NYSE:PSA - Free Report) by 15.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 26,746 shares of the real estate investment trust's stock after selling 4,918 shares during the period. GAM Holding AG's holdings in Public Storage were worth $8,005,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Public Storage by 30.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust's stock worth $40,926,000 after acquiring an additional 31,662 shares during the last quarter. Brighton Jones LLC lifted its stake in shares of Public Storage by 9.7% in the 1st quarter. Brighton Jones LLC now owns 1,726 shares of the real estate investment trust's stock valued at $517,000 after purchasing an additional 152 shares during the last quarter. Meridian Wealth Management LLC purchased a new stake in shares of Public Storage in the 4th quarter valued at $395,000. Aew Capital Management L P raised its holdings in shares of Public Storage by 108.6% in the 4th quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust's stock valued at $131,574,000 after buying an additional 228,740 shares during the period. Finally, Jones Financial Companies Lllp raised its holdings in shares of Public Storage by 53.5% in the 4th quarter. Jones Financial Companies Lllp now owns 19,234 shares of the real estate investment trust's stock valued at $5,759,000 after buying an additional 6,706 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Bank of America increased their price target on Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Mizuho raised their price target on Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 28th. Scotiabank lifted their target price on Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a research note on Monday, May 12th. Truist Financial upgraded Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price on the stock in a research note on Thursday, April 10th. Finally, Royal Bank Of Canada lowered their target price 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. Six 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 stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $338.15.

Public Storage Stock Down 0.2%

NYSE PSA traded down $0.69 on Friday, hitting $290.12. 1,419,993 shares of the stock traded hands, compared to its average volume of 745,812. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99. The company has a market capitalization of $50.90 billion, a P/E ratio of 28.81, a price-to-earnings-growth ratio of 4.20 and a beta of 0.89. The stock has a 50-day moving average of $298.53 and a 200 day moving average of $299.05. 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 (EPS) for the quarter, beating analysts' consensus estimates of $4.06 by $0.06. Public Storage had a return on equity of 36.50% and a net margin of 41.74%. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the prior year, the company earned $4.03 earnings per share. The company's revenue for the quarter was up .1% on a year-over-year basis. As a group, analysts expect that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

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

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.