Federated Hermes Inc. Cuts Position in Public Storage (NYSE:PSA)

Federated Hermes Inc. cut its holdings in Public Storage (NYSE:PSA) by 8.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 219,019 shares of the real estate investment trust’s stock after selling 19,447 shares during the period. Federated Hermes Inc.’s holdings in Public Storage were worth $66,801,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Integrated Wealth Concepts LLC increased its position in shares of Public Storage by 16.1% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 9,741 shares of the real estate investment trust’s stock valued at $2,567,000 after purchasing an additional 1,349 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Public Storage by 8.0% during the third quarter. The Manufacturers Life Insurance Company now owns 123,852 shares of the real estate investment trust’s stock worth $32,638,000 after buying an additional 9,223 shares during the last quarter. Raymond James & Associates raised its position in Public Storage by 4.3% in the fourth quarter. Raymond James & Associates now owns 114,482 shares of the real estate investment trust’s stock worth $34,917,000 after acquiring an additional 4,695 shares during the period. Ellsworth Advisors LLC raised its position in Public Storage by 615.7% in the fourth quarter. Ellsworth Advisors LLC now owns 19,803 shares of the real estate investment trust’s stock worth $6,040,000 after acquiring an additional 17,036 shares during the period. Finally, 1834 Investment Advisors Co. boosted its stake in Public Storage by 115.3% in the fourth quarter. 1834 Investment Advisors Co. now owns 16,952 shares of the real estate investment trust’s stock valued at $5,170,000 after acquiring an additional 9,078 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Public Storage in a research note on Tuesday, January 30th. They set a “sell” rating and a $250.00 price target for the company. Barclays began coverage on Public Storage in a research note on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 target price on the stock. Scotiabank increased their price target on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research note on Monday, March 18th. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective on the stock in a research note on Thursday, March 28th. Finally, The Goldman Sachs Group upped their price objective on shares of Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a report on Thursday, January 11th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $305.00.

Public Storage Stock Down 0.6 %

Shares of NYSE PSA opened at $260.28 on Friday. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.62 and a quick ratio of 0.62. Public Storage has a one year low of $233.18 and a one year high of $312.25. The firm’s 50 day simple moving average is $281.24 and its two-hundred day simple moving average is $276.35. The stock has a market capitalization of $45.73 billion, a P/E ratio of 23.53, a PEG ratio of 3.43 and a beta of 0.54.

Public Storage (NYSE:PSA) last announced its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 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 net margin of 45.34% and a return on equity of 35.31%. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period last year, the company posted $4.16 earnings per share. As a group, analysts expect that Public Storage will post 16.92 EPS for the current fiscal 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 issued a $3.00 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.61%. Public Storage’s payout ratio is currently 108.50%.

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.