Ritholtz Wealth Management Sells 372 Shares of Public Storage (NYSE:PSA)

Ritholtz Wealth Management decreased its holdings in Public Storage (NYSE:PSA) by 7.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,645 shares of the real estate investment trust’s stock after selling 372 shares during the period. Ritholtz Wealth Management’s holdings in Public Storage were worth $1,417,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank purchased a new stake in Public Storage during the fourth quarter valued at approximately $670,512,000. Moneta Group Investment Advisors LLC boosted its position in Public Storage by 111,535.5% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 1,246,968 shares of the real estate investment trust’s stock valued at $349,388,000 after buying an additional 1,245,851 shares during the last quarter. Second Half Financial Partners LLC acquired a new position in Public Storage in the 3rd quarter worth approximately $290,129,000. Price T Rowe Associates Inc. MD raised its position in Public Storage by 63.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,755,605 shares of the real estate investment trust’s stock worth $832,580,000 after buying an additional 1,071,347 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Public Storage by 29.9% during 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. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Stock Performance

NYSE PSA opened at $290.06 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. The company has a market capitalization of $50.96 billion, a P/E ratio of 26.23, a PEG ratio of 3.78 and a beta of 0.54. Public Storage has a 1-year low of $233.18 and a 1-year high of $316.48. The business has a 50 day moving average price of $283.93 and a 200 day moving average price of $275.36.

Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share 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 firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter in the previous year, the business posted $4.16 EPS. Public Storage’s revenue was up 6.6% compared to the same quarter last year. Sell-side analysts expect that Public Storage will post 16.92 EPS for the current fiscal 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 issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.14%. Public Storage’s payout ratio is 108.50%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on PSA shares. Barclays started coverage on shares of Public Storage in a report on Wednesday. They set an “overweight” rating and a $330.00 target price for the company. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Public Storage in a research note on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price target on the stock. The Goldman Sachs Group raised their target price on shares of Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. BMO Capital Markets increased their price objective on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 19th. Finally, Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target on the stock in a research report on Thursday. One analyst has rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $302.50.

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.