Tidal Investments LLC Reduces Stock Position in Public Storage (NYSE:PSA)

Tidal Investments LLC reduced its holdings in Public Storage (NYSE:PSA - Free Report) by 12.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,958 shares of the real estate investment trust's stock after selling 1,428 shares during the period. Tidal Investments LLC's holdings in Public Storage were worth $2,982,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of PSA. Quent Capital LLC lifted its stake in shares of Public Storage by 135.1% in the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust's stock valued at $26,000 after purchasing an additional 50 shares during the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in shares of Public Storage in the 4th quarter valued at approximately $32,000. Synergy Asset Management LLC purchased a new stake in shares of Public Storage in the fourth quarter valued at $38,000. Millstone Evans Group LLC purchased a new stake in shares of Public Storage in the fourth quarter valued at $38,000. Finally, Parvin Asset Management LLC purchased a new stake in shares of Public Storage in the fourth quarter valued at $38,000. 78.79% of the stock is owned by institutional investors.

Public Storage Stock Performance

Public Storage stock opened at $296.13 on Thursday. The company has a 50 day moving average price of $293.82 and a 200-day moving average price of $305.26. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99. The company has a market capitalization of $51.95 billion, a PE ratio of 30.75, a P/E/G ratio of 4.91 and a beta of 0.91.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, beating the consensus estimate of $4.06 by $0.06. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.18 billion. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. The business's revenue for the quarter was up .1% on a year-over-year basis. During the same quarter last year, the firm posted $4.03 earnings per share. As a group, equities analysts forecast that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders 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 4.05%. Public Storage's dividend payout ratio is presently 119.17%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PSA. Mizuho began coverage on shares of Public Storage in a research note on Wednesday, April 9th. They issued a "neutral" rating and a $287.00 target price on the stock. Royal Bank of Canada cut 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. Truist Financial raised 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. Wells Fargo & Company cut their target price on Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Finally, Scotiabank upped 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. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Public Storage has a consensus rating of "Moderate Buy" and an average price target of $337.42.

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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