Federated Hermes Inc. Sells 19,447 Shares of Public Storage (NYSE:PSA)

Federated Hermes Inc. reduced its position in shares of Public Storage (NYSE:PSA - Free Report) by 8.2% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 219,019 shares of the real estate investment trust's stock after selling 19,447 shares during the quarter. Federated Hermes Inc. owned about 0.12% of Public Storage worth $66,801,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Sunbelt Securities Inc. bought a new stake in shares of Public Storage in the 1st quarter worth approximately $26,000. ICA Group Wealth Management LLC bought a new position in shares of Public Storage in the fourth quarter valued at $29,000. Private Ocean LLC increased its holdings in shares of Public Storage by 5,450.0% in the fourth quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust's stock valued at $34,000 after buying an additional 109 shares in the last quarter. Live Oak Investment Partners acquired a new stake in shares of Public Storage during the 4th quarter valued at $34,000. Finally, Centerpoint Advisors LLC bought a new stake in shares of Public Storage during the 4th quarter worth $35,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Up 0.0 %

Shares of Public Storage stock traded up $0.11 on Friday, hitting $260.39. 737,570 shares of the company traded hands, compared to its average volume of 726,867. Public Storage has a 12-month low of $233.18 and a 12-month high of $312.25. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.58. The company has a market cap of $45.75 billion, a PE ratio of 23.54, a PEG ratio of 3.43 and a beta of 0.54. The company has a 50-day moving average price of $280.76 and a 200 day moving average price of $276.35.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings data 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 net margin of 45.34% and a return on equity of 35.31%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period in the previous year, the business posted $4.16 EPS. Public Storage's revenue for the quarter was up 6.6% on a year-over-year basis. Sell-side analysts predict that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Announces Dividend

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 dividend on an annualized basis and a yield of 4.61%. Public Storage's dividend payout ratio is currently 108.50%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. BMO Capital Markets upped 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. Wells Fargo & Company raised shares of Public Storage from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $280.00 to $310.00 in a research note on Friday, April 5th. The Goldman Sachs Group raised their target price on shares of Public Storage from $307.00 to $340.00 and gave the stock a "buy" rating in a report on Thursday, January 11th. Raymond James upgraded 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 report on Thursday, March 28th. Finally, Barclays assumed coverage on shares of Public Storage in a research note on Wednesday, March 27th. They issued an "overweight" rating and a $330.00 price objective for the company. 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 company's stock. According to MarketBeat.com, the stock has an average 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.