Flputnam Investment Management Co. Raises Holdings in Public Storage (NYSE:PSA)

Flputnam Investment Management Co. increased its stake in shares of Public Storage (NYSE:PSA - Free Report) by 4.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 77,991 shares of the real estate investment trust's stock after acquiring an additional 3,116 shares during the period. Flputnam Investment Management Co.'s holdings in Public Storage were worth $23,787,000 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. AdvisorNet Financial Inc grew its holdings in Public Storage by 3.2% during the fourth quarter. AdvisorNet Financial Inc now owns 1,139 shares of the real estate investment trust's stock worth $347,000 after acquiring an additional 35 shares during the period. Kinneret Advisory LLC increased its position in shares of Public Storage by 2.3% in the first quarter. Kinneret Advisory LLC now owns 1,678 shares of the real estate investment trust's stock valued at $655,000 after buying an additional 37 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in shares of Public Storage by 4.1% in the third quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,097 shares of the real estate investment trust's stock valued at $289,000 after buying an additional 43 shares in the last quarter. Wealth Alliance increased its position in shares of Public Storage by 5.3% in the third quarter. Wealth Alliance now owns 847 shares of the real estate investment trust's stock valued at $223,000 after buying an additional 43 shares in the last quarter. Finally, RB Capital Management LLC increased its position in shares of Public Storage by 1.1% in the third quarter. RB Capital Management LLC now owns 3,978 shares of the real estate investment trust's stock valued at $1,048,000 after buying an additional 43 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Trading Down 2.3 %

Shares of Public Storage stock traded down $6.38 during trading hours on Monday, hitting $265.76. The company's stock had a trading volume of 809,508 shares, compared to its average volume of 729,989. Public Storage has a twelve month low of $233.18 and a twelve month high of $312.25. The firm has a fifty day moving average of $282.45 and a 200-day moving average of $276.58. The stock has a market cap of $46.69 billion, a price-to-earnings ratio of 24.03, a P/E/G ratio of 3.57 and a beta of 0.54. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.62 and a current ratio of 0.62.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing the consensus estimate of $4.15 by ($1.94). Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the company earned $4.16 EPS. The business's revenue for the quarter was up 6.6% on a year-over-year basis. Research analysts forecast that Public Storage will post 16.93 EPS for the current year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were issued a $3.00 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.52%. Public Storage's dividend payout ratio is presently 108.50%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on PSA shares. Wells Fargo & Company upgraded Public Storage from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $280.00 to $310.00 in a research report on Friday, April 5th. Barclays initiated coverage on Public Storage in a research note on Wednesday, March 27th. They issued an "overweight" rating and a $330.00 price target on the stock. Truist Financial lifted their price target on Public Storage from $285.00 to $315.00 and gave the stock a "buy" rating in a research note on Thursday, December 28th. Raymond James raised Public Storage from a "market perform" rating to a "strong-buy" rating and set a $330.00 price target on the stock in a research note on Thursday, March 28th. Finally, BMO Capital Markets lifted their price target on Public Storage from $325.00 to $330.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 19th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $305.00.

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.