Aspire Private Capital LLC Sells 44 Shares of Public Storage (NYSE:PSA)

Aspire Private Capital LLC cut its holdings in shares of Public Storage (NYSE:PSA) by 30.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 100 shares of the real estate investment trust’s stock after selling 44 shares during the period. Aspire Private Capital LLC’s holdings in Public Storage were worth $30,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Second Half Financial Partners LLC bought a new position in shares of Public Storage during the 3rd quarter worth $290,129,000. JPMorgan Chase & Co. raised 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 acquiring an additional 729,262 shares during the period. Lazard Asset Management LLC raised its stake in Public Storage by 555.6% in the 3rd quarter. Lazard Asset Management LLC now owns 615,154 shares of the real estate investment trust’s stock valued at $162,104,000 after acquiring an additional 521,322 shares during the period. Charles Schwab Investment Management Inc. raised 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 acquiring an additional 451,864 shares during the period. Finally, Invesco Ltd. grew its holdings in Public Storage by 29.0% during the 3rd quarter. Invesco Ltd. now owns 1,141,415 shares of the real estate investment trust’s stock valued at $300,786,000 after buying an additional 256,326 shares in the last quarter. 78.79% of the stock is owned by institutional investors.

Public Storage Price Performance

PSA traded up $1.36 during midday trading on Tuesday, hitting $262.80. The stock had a trading volume of 100,595 shares, compared to its average volume of 719,275. 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 1 year low of $233.18 and a 1 year high of $312.25. The business has a fifty day moving average of $280.36 and a 200 day moving average of $276.63. The company has a market cap of $46.17 billion, a P/E ratio of 23.64, a price-to-earnings-growth ratio of 3.42 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 earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the previous year, the firm posted $4.16 EPS. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. As a group, equities analysts forecast that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were given a $3.00 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $12.00 annualized dividend and a yield of 4.57%. Public Storage’s payout ratio is currently 108.50%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Public Storage in a report on Tuesday, January 30th. They set a “sell” rating and a $250.00 target price for the company. Barclays assumed coverage on Public Storage in a report on Wednesday, March 27th. They set an “overweight” rating and a $330.00 price objective for the company. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $280.00 to $310.00 in a report on Friday, April 5th. BMO Capital Markets boosted their price objective on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a report on Tuesday, March 19th. Finally, 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 report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $305.00.

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.