Public Storage (NYSE:PSA) Shares Sold by Adelante Capital Management LLC

Adelante Capital Management LLC lowered its position in shares of Public Storage (NYSE:PSA - Free Report) by 80.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 286,811 shares of the real estate investment trust's stock after selling 1,176,527 shares during the period. Public Storage accounts for approximately 5.5% of Adelante Capital Management LLC's investment portfolio, making the stock its 7th biggest holding. Adelante Capital Management LLC owned approximately 0.16% of Public Storage worth $85,883,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in PSA. Lido Advisors LLC lifted its holdings in shares of Public Storage by 0.9% during the fourth quarter. Lido Advisors LLC now owns 4,298 shares of the real estate investment trust's stock worth $1,287,000 after buying an additional 39 shares in the last quarter. Northern Trust Corp raised its stake in Public Storage by 43.4% in the 4th quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust's stock worth $741,592,000 after purchasing an additional 749,913 shares in the last quarter. Johnson Financial Group Inc. boosted its holdings in Public Storage by 24.3% in the 4th quarter. Johnson Financial Group Inc. now owns 7,970 shares of the real estate investment trust's stock valued at $2,379,000 after purchasing an additional 1,558 shares during the period. Boothbay Fund Management LLC grew its position in shares of Public Storage by 871.9% during the 4th quarter. Boothbay Fund Management LLC now owns 18,573 shares of the real estate investment trust's stock worth $5,561,000 after purchasing an additional 16,662 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Public Storage during the fourth quarter worth approximately $17,321,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Price Performance

Shares of PSA traded up $0.14 during trading hours on Friday, reaching $300.14. The stock had a trading volume of 1,290,514 shares, compared to its average volume of 738,730. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a 12 month low of $256.60 and a 12 month high of $369.99. The stock has a market capitalization of $52.65 billion, a PE ratio of 31.17, a PEG ratio of 4.91 and a beta of 0.76. The company's 50-day moving average is $294.73 and its two-hundred day moving average is $308.30.

Public Storage (NYSE:PSA - Get Free Report) last posted its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, beating the consensus estimate of $4.06 by $0.06. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. The business's quarterly revenue was up .1% on a year-over-year basis. During the same period last year, the company earned $4.03 earnings per share. Research analysts expect that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were given a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.00%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage's dividend payout ratio (DPR) is currently 119.17%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Truist Financial raised Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target on the stock in a research report on Thursday, April 10th. Royal Bank of Canada reduced their target price on Public Storage from $329.00 to $328.00 and set a "sector perform" rating on the stock in a report on Friday. Deutsche Bank Aktiengesellschaft raised Public Storage from a "sell" rating to a "hold" rating and boosted their price target for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Wells Fargo & Company reduced their price objective on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Finally, Evercore ISI boosted their target price on shares of Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a research report on Friday. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $333.75.

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.