Sentry Investment Management LLC Sells 89 Shares of Public Storage (NYSE:PSA)

Sentry Investment Management LLC reduced its holdings in Public Storage (NYSE:PSA) by 9.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 825 shares of the real estate investment trust’s stock after selling 89 shares during the quarter. Sentry Investment Management LLC’s holdings in Public Storage were worth $252,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Bison Wealth LLC acquired a new stake in Public Storage in the fourth quarter valued at approximately $218,000. Beverly Hills Private Wealth LLC acquired a new stake in Public Storage in the fourth quarter valued at approximately $233,000. Conning Inc. grew its stake in Public Storage by 8.6% in the fourth quarter. Conning Inc. now owns 9,105 shares of the real estate investment trust’s stock valued at $2,777,000 after acquiring an additional 718 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Public Storage by 12.8% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 879,773 shares of the real estate investment trust’s stock valued at $268,331,000 after acquiring an additional 100,033 shares during the period. Finally, Lecap Asset Management Ltd. acquired a new stake in Public Storage in the fourth quarter valued at approximately $1,208,000. 78.79% of the stock is currently owned by institutional investors.

Public Storage Stock Performance

NYSE:PSA opened at $262.22 on Wednesday. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.62 and a current ratio of 0.62. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. The firm has a market cap of $46.07 billion, a price-to-earnings ratio of 23.71, a PEG ratio of 3.49 and a beta of 0.54. The business’s fifty day moving average is $282.12 and its 200 day moving average is $276.57.

Public Storage (NYSE:PSA) 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 company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the previous year, the firm posted $4.16 earnings per share. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. Research analysts predict 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. This represents a $12.00 annualized dividend and a yield of 4.58%. The ex-dividend date was Tuesday, March 12th. Public Storage’s payout ratio is 108.50%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on PSA shares. Raymond James raised 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, March 28th. Wells Fargo & Company raised 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 Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research report on Monday, March 18th. The Goldman Sachs Group lifted their target price on Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. Finally, Truist Financial lifted their target price on Public Storage from $285.00 to $315.00 and gave the company a “buy” rating in a research report on Thursday, December 28th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $305.00.

Public Storage 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.