Public Storage (NYSE:PSA) Holdings Cut by JGP Wealth Management LLC

JGP Wealth Management LLC cut its holdings in Public Storage (NYSE:PSA - Free Report) by 11.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 6,787 shares of the real estate investment trust's stock after selling 921 shares during the period. JGP Wealth Management LLC's holdings in Public Storage were worth $2,031,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Werba Rubin Papier Wealth Management boosted its stake in Public Storage by 1.7% during the 4th quarter. Werba Rubin Papier Wealth Management now owns 2,275 shares of the real estate investment trust's stock valued at $681,000 after purchasing an additional 38 shares during the period. Lido Advisors LLC boosted its stake in Public Storage by 0.9% during the 4th quarter. Lido Advisors LLC now owns 4,298 shares of the real estate investment trust's stock valued at $1,287,000 after purchasing an additional 39 shares during the period. Global X Japan Co. Ltd. boosted its stake in Public Storage by 13.7% during the 4th quarter. Global X Japan Co. Ltd. now owns 333 shares of the real estate investment trust's stock valued at $100,000 after purchasing an additional 40 shares during the period. Yoder Wealth Management Inc. boosted its stake in Public Storage by 5.4% during the 4th quarter. Yoder Wealth Management Inc. now owns 804 shares of the real estate investment trust's stock valued at $241,000 after purchasing an additional 41 shares during the period. Finally, Integrated Advisors Network LLC boosted its stake in Public Storage by 1.4% during the 4th quarter. Integrated Advisors Network LLC now owns 3,067 shares of the real estate investment trust's stock valued at $918,000 after purchasing an additional 41 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PSA has been the subject of a number of research analyst reports. Mizuho upped their price target on shares of Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 28th. Scotiabank upped their price target 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. Evercore ISI upped their price target on shares of Public Storage from $297.00 to $309.00 and gave the stock an "in-line" rating in a research note on Friday, May 2nd. Truist Financial raised shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target for the company in a research note on Thursday, April 10th. Finally, Wells Fargo & Company reduced their price target on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Five analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $339.25.

Public Storage Trading Down 0.3%

Shares of NYSE:PSA traded down $0.85 during mid-day trading on Thursday, hitting $302.44. The stock had a trading volume of 321,536 shares, compared to its average volume of 746,179. The company's 50 day moving average is $295.39 and its 200-day moving average is $303.06. Public Storage has a 12-month low of $256.60 and a 12-month high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market cap of $53.06 billion, a PE ratio of 31.41, a P/E/G ratio of 4.91 and a beta of 0.91.

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 34.07% and a net margin of 40.54%. 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. On average, sell-side analysts predict that Public Storage will post 16.7 EPS for the current 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 issued a $3.00 dividend. 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 3.97%. Public Storage's dividend payout ratio is 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.