Daiwa Securities Group Inc. Sells 58,224 Shares of Public Storage (NYSE:PSA)

Daiwa Securities Group Inc. decreased its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 14.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 345,342 shares of the real estate investment trust's stock after selling 58,224 shares during the period. Daiwa Securities Group Inc. owned 0.20% of Public Storage worth $105,329,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in PSA. Norges Bank bought a new position in Public Storage in the fourth quarter worth approximately $670,512,000. Moneta Group Investment Advisors LLC boosted its holdings in Public Storage by 111,535.5% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 1,246,968 shares of the real estate investment trust's stock worth $349,388,000 after acquiring an additional 1,245,851 shares in the last quarter. Second Half Financial Partners LLC bought a new position in Public Storage in the third quarter worth approximately $290,129,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Public Storage by 63.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,755,605 shares of the real estate investment trust's stock valued at $832,580,000 after purchasing an additional 1,071,347 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Public Storage by 29.9% in the third quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust's stock valued at $835,032,000 after purchasing an additional 729,262 shares in the last quarter. Institutional investors own 78.79% of the company's stock.

Public Storage Stock Performance

NYSE:PSA traded down $0.55 during trading hours on Wednesday, reaching $261.67. The stock had a trading volume of 420,775 shares, compared to its average volume of 726,425. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.62 and a current ratio of 0.62. The stock has a 50 day simple moving average of $281.73 and a 200 day simple moving average of $276.46. Public Storage has a 12-month low of $233.18 and a 12-month high of $312.25. The stock has a market cap of $45.97 billion, a P/E ratio of 23.66, a price-to-earnings-growth ratio of 3.49 and a beta of 0.54.

Public Storage (NYSE:PSA - Get Free Report) last released its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.15 by ($1.94). Public Storage had a return on equity of 35.31% and a net margin of 45.34%. The firm had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.14 billion. During the same period in the prior year, the business earned $4.16 earnings per share. The business's quarterly revenue was up 6.6% compared to the same quarter last year. On average, research analysts forecast that Public Storage will post 16.92 EPS for the current fiscal year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.59%. The ex-dividend date was Tuesday, March 12th. Public Storage's dividend payout ratio is currently 108.50%.

Analyst Ratings Changes

A number of research firms have recently weighed in on PSA. BMO Capital Markets raised their target price on Public Storage from $325.00 to $330.00 and gave the company an "outperform" rating in a report on Tuesday, March 19th. Raymond James upgraded Public Storage from a "market perform" rating to a "strong-buy" rating and set a $330.00 target price on the stock in a report on Thursday, March 28th. Deutsche Bank Aktiengesellschaft began coverage on Public Storage in a report on Tuesday, January 30th. They issued a "sell" rating and a $250.00 target price on the stock. Wells Fargo & Company upgraded Public Storage from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $280.00 to $310.00 in a report on Friday, April 5th. Finally, Truist Financial raised their target price on Public Storage from $285.00 to $315.00 and gave the company a "buy" rating in a report on Thursday, December 28th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage presently has a consensus rating of "Moderate Buy" and a consensus price target of $305.00.

Public Storage Company 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.