Smithbridge Asset Management Inc. DE Reduces Stock Holdings in Public Storage (NYSE:PSA)

Smithbridge Asset Management Inc. DE decreased its stake in Public Storage (NYSE:PSA) by 8.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 2,334 shares of the real estate investment trust’s stock after selling 227 shares during the period. Smithbridge Asset Management Inc. DE’s holdings in Public Storage were worth $712,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of PSA. AMI Investment Management Inc. purchased a new position in Public Storage during the 1st quarter valued at $267,000. Blair William & Co. IL boosted its holdings in Public Storage by 7.3% during the 1st quarter. Blair William & Co. IL now owns 2,668 shares of the real estate investment trust’s stock valued at $1,041,000 after acquiring an additional 182 shares during the period. Prudential PLC purchased a new position in Public Storage during the 1st quarter valued at $1,374,000. Sequoia Financial Advisors LLC purchased a new position in Public Storage during the 1st quarter valued at $398,000. Finally, Candriam Luxembourg S.C.A. raised its position in Public Storage by 19.0% during the 1st quarter. Candriam Luxembourg S.C.A. now owns 13,506 shares of the real estate investment trust’s stock valued at $5,271,000 after purchasing an additional 2,156 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Up 0.6 %

Shares of Public Storage stock traded up $1.81 during trading on Thursday, reaching $289.91. The company’s stock had a trading volume of 344,964 shares, compared to its average volume of 748,712. The company has a 50-day simple moving average of $284.05 and a two-hundred day simple moving average of $275.27. Public Storage has a 1-year low of $233.18 and a 1-year high of $316.48. The company has a market cap of $50.93 billion, a price-to-earnings ratio of 26.10, a P/E/G ratio of 3.61 and a beta of 0.54. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.58.

Public Storage (NYSE:PSA) last issued 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). The business 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 35.31% and a net margin of 45.34%. Public Storage’s revenue was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.16 EPS. As a group, equities analysts forecast that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.14%. Public Storage’s payout ratio is 108.50%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. The Goldman Sachs Group increased their price target on Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Barclays assumed coverage on shares of Public Storage in a report on Wednesday. They set an “overweight” rating and a $330.00 target price on the stock. Wells Fargo & Company lowered shares of Public Storage from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $270.00 to $280.00 in a report on Tuesday, December 12th. Truist Financial increased their price objective on shares of Public Storage from $285.00 to $315.00 and gave the company a “buy” rating in a research note on Thursday, December 28th. Finally, Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective for the company in a research note on Thursday. One research analyst has rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $302.50.

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.