Swiss National Bank Sells 14,100 Shares of Public Storage (NYSE:PSA)

Swiss National Bank reduced its position in Public Storage (NYSE:PSA) by 2.8% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 494,900 shares of the real estate investment trust’s stock after selling 14,100 shares during the quarter. Swiss National Bank’s holdings in Public Storage were worth $150,944,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Private Ocean LLC raised its stake in Public Storage by 5,450.0% during the fourth quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 109 shares in the last quarter. Centerpoint Advisors LLC acquired a new stake in shares of Public Storage in the 4th quarter valued at approximately $35,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Public Storage during the 4th quarter valued at approximately $35,000. Aspire Private Capital LLC increased its position in Public Storage by 44.0% during the 3rd quarter. Aspire Private Capital LLC now owns 144 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 44 shares in the last quarter. Finally, Rise Advisors LLC increased its position in Public Storage by 165.5% during the 4th quarter. Rise Advisors LLC now owns 146 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 91 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Price Performance

PSA stock opened at $265.76 on Friday. Public Storage has a 1 year low of $233.18 and a 1 year high of $312.25. The stock has a market capitalization of $46.69 billion, a PE ratio of 24.14, a price-to-earnings-growth ratio of 3.46 and a beta of 0.57. The company’s 50-day moving average is $276.82 and its 200-day moving average is $275.99. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.62.

Public Storage (NYSE:PSA) last released 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). Public Storage had a net margin of 45.62% and a return on equity of 36.17%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the firm earned $4.16 EPS. The company’s revenue was up 6.6% compared to the same quarter last year. Equities research analysts expect that Public Storage will post 16.92 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.52%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s payout ratio is 108.99%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $280.00 to $310.00 in a research note on Friday, April 5th. The Goldman Sachs Group upped their target price on Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a report on Thursday, January 11th. Barclays began coverage on Public Storage in a research report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 target price for the company. Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target for the company in a research note on Thursday, March 28th. Finally, Scotiabank increased their price objective on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research report on Monday, March 18th. 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and a consensus price target of $305.00.

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.