Los Angeles Capital Management LLC Has $4.26 Million Stake in Public Storage (NYSE:PSA)

Los Angeles Capital Management LLC lowered its position in Public Storage (NYSE:PSA - Free Report) by 63.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 13,973 shares of the real estate investment trust's stock after selling 24,398 shares during the period. Los Angeles Capital Management LLC's holdings in Public Storage were worth $4,262,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Natixis Advisors L.P. lifted its holdings in shares of Public Storage by 8.7% in the 4th quarter. Natixis Advisors L.P. now owns 46,594 shares of the real estate investment trust's stock valued at $14,211,000 after buying an additional 3,736 shares during the period. Benjamin Edwards Inc. lifted its stake in shares of Public Storage by 362.6% in the 4th quarter. Benjamin Edwards Inc. now owns 3,664 shares of the real estate investment trust's stock valued at $1,118,000 after acquiring an additional 2,872 shares during the last quarter. Rogco LP grew its position in Public Storage by 25.2% during the fourth quarter. Rogco LP now owns 3,677 shares of the real estate investment trust's stock worth $1,121,000 after buying an additional 740 shares in the last quarter. First Trust Direct Indexing L.P. boosted its holdings in Public Storage by 26.1% in the fourth quarter. First Trust Direct Indexing L.P. now owns 2,434 shares of the real estate investment trust's stock worth $742,000 after purchasing an additional 504 shares during the last quarter. Finally, ICW Investment Advisors LLC increased its stake in Public Storage by 2.4% in the 4th quarter. ICW Investment Advisors LLC now owns 3,682 shares of the real estate investment trust's stock worth $1,123,000 after buying an additional 88 shares during the period. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Price Performance

Shares of NYSE:PSA traded up $3.43 during trading on Monday, reaching $269.19. The company had a trading volume of 592,386 shares, compared to its average volume of 730,830. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25. The stock has a market capitalization of $47.29 billion, a P/E ratio of 24.45, a price-to-earnings-growth ratio of 3.49 and a beta of 0.57. The company has a fifty day moving average of $276.25 and a two-hundred day moving average of $276.08. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.59.

Public Storage (NYSE:PSA - Get Free Report) last posted its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.15 by ($1.94). The firm had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.14 billion. Public Storage had a return on equity of 36.17% and a net margin of 45.62%. The company's revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the company earned $4.16 earnings per share. Equities research analysts forecast that Public Storage will post 16.92 earnings per share 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 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 4.46%. Public Storage's dividend payout ratio is 108.99%.

Analyst Upgrades and Downgrades

Several analysts have commented on PSA shares. Deutsche Bank Aktiengesellschaft assumed coverage on Public Storage in a report on Tuesday, January 30th. They issued a "sell" rating and a $250.00 price target for the company. Wells Fargo & Company upgraded shares of Public Storage from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $280.00 to $310.00 in a research note on Friday, April 5th. Scotiabank lifted 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. BMO Capital Markets raised their price objective on Public Storage from $325.00 to $330.00 and gave the stock an "outperform" rating in a report on Tuesday, March 19th. Finally, Barclays initiated coverage on shares of Public Storage in a research note on Wednesday, March 27th. They issued an "overweight" rating and a $330.00 target price for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $305.00.

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.