Calamos Advisors LLC Lowers Stake in Public Storage (NYSE:PSA)

Calamos Advisors LLC reduced its position in shares of Public Storage (NYSE:PSA) by 1.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,787 shares of the real estate investment trust’s stock after selling 467 shares during the quarter. Calamos Advisors LLC’s holdings in Public Storage were worth $10,915,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of PSA. Geode Capital Management LLC lifted its stake in Public Storage by 3.6% in the 1st quarter. Geode Capital Management LLC now owns 3,742,458 shares of the real estate investment trust’s stock valued at $1,131,364,000 after buying an additional 129,555 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Public Storage by 29.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock valued at $835,032,000 after buying an additional 729,262 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Public Storage by 63.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,755,605 shares of the real estate investment trust’s stock valued at $832,580,000 after buying an additional 1,071,347 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Public Storage by 22.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,470,839 shares of the real estate investment trust’s stock valued at $633,949,000 after buying an additional 451,864 shares in the last quarter. Finally, Norges Bank purchased a new position in Public Storage in the 4th quarter valued at about $670,512,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Up 0.0 %

Shares of NYSE PSA opened at $260.39 on Friday. The company has a 50 day simple moving average of $280.76 and a 200-day simple moving average of $276.35. The company has a market capitalization of $45.75 billion, a P/E ratio of 23.54, a P/E/G ratio of 3.42 and a beta of 0.54. 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 1 year low of $233.18 and a 1 year high of $312.25.

Public Storage (NYSE:PSA) last announced its quarterly earnings results 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). The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. Public Storage had a return on equity of 35.31% and a net margin of 45.34%. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.16 EPS. On average, equities research analysts predict that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.61%. Public Storage’s dividend payout ratio is currently 108.50%.

Wall Street Analysts Forecast Growth

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