Desjardins Global Asset Management Inc. Sells 5,655 Shares of Public Storage (NYSE:PSA)

Desjardins Global Asset Management Inc. decreased its stake in shares of Public Storage (NYSE:PSA - Free Report) by 82.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,229 shares of the real estate investment trust's stock after selling 5,655 shares during the quarter. Desjardins Global Asset Management Inc.'s holdings in Public Storage were worth $375,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. AdvisorNet Financial Inc increased its position in shares of Public Storage by 3.2% during the 4th quarter. AdvisorNet Financial Inc now owns 1,139 shares of the real estate investment trust's stock worth $347,000 after purchasing an additional 35 shares during the last quarter. Kinneret Advisory LLC increased its holdings in shares of Public Storage by 2.3% during the 1st quarter. Kinneret Advisory LLC now owns 1,678 shares of the real estate investment trust's stock worth $655,000 after acquiring an additional 37 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in Public Storage by 4.1% in the 3rd 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 purchasing an additional 43 shares during the period. Wealth Alliance grew its holdings in Public Storage by 5.3% in the 3rd 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 grew its holdings in Public Storage by 1.1% in the 3rd 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. Institutional investors and hedge funds own 78.79% of the company's stock.

Public Storage Price Performance

Shares of PSA traded down $1.53 during mid-day trading on Thursday, reaching $260.28. The company had a trading volume of 748,954 shares, compared to its average volume of 726,725. The company's 50 day simple moving average is $281.73 and its 200 day simple moving average is $276.46. Public Storage has a 1-year low of $233.18 and a 1-year high of $312.25. 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 company has a market capitalization of $45.73 billion, a price-to-earnings ratio of 23.53, a P/E/G ratio of 3.44 and a beta of 0.54.

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

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were given a dividend of $3.00 per share. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 annualized dividend and a yield of 4.61%. Public Storage's dividend payout ratio is presently 108.50%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Raymond James raised shares of 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 report on Thursday, March 28th. BMO Capital Markets raised their price target on shares of Public Storage from $325.00 to $330.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 19th. Barclays began coverage on shares of Public Storage in a research report on Wednesday, March 27th. They set an "overweight" rating and a $330.00 price target on the stock. Wells Fargo & Company raised shares of 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, Scotiabank raised their target price on shares of Public Storage from $267.00 to $270.00 and gave the company a "sector perform" rating in a report on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price 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.