Sumitomo Life Insurance Co. Sells 213 Shares of Public Storage (NYSE:PSA)

Sumitomo Life Insurance Co. decreased its stake in shares of Public Storage (NYSE:PSA) by 4.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,240 shares of the real estate investment trust’s stock after selling 213 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Public Storage were worth $1,293,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PSA. Sunbelt Securities Inc. bought a new position in shares of Public Storage during the first quarter worth $26,000. ICA Group Wealth Management LLC bought a new position in Public Storage during the fourth quarter valued at $29,000. Private Ocean LLC lifted its position 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 valued at $34,000 after purchasing an additional 109 shares during the last quarter. Live Oak Investment Partners bought a new position in Public Storage during the fourth quarter valued at $34,000. Finally, Centerpoint Advisors LLC bought a new position in Public Storage during the fourth quarter valued at $35,000. Institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on PSA. Truist Financial increased their price objective on shares of Public Storage from $285.00 to $315.00 and gave the company a “buy” rating in a research report on Thursday, December 28th. The Goldman Sachs Group raised their target price on shares of Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. 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 target on the stock. Raymond James upgraded 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 report on Thursday, March 28th. Finally, Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $280.00 to $310.00 in a report on Friday, April 5th. One analyst has rated the stock with a sell rating, four have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. 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 Stock Performance

Shares of NYSE PSA opened at $272.14 on Monday. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 1.58. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.80. The company has a 50 day simple moving average of $282.62 and a two-hundred day simple moving average of $276.56. The stock has a market cap of $47.81 billion, a price-to-earnings ratio of 24.61, a PEG ratio of 3.57 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 business had revenue of $1.16 billion for the quarter, compared to analyst estimates 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 was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.16 earnings per share. As a group, analysts predict that Public Storage will post 16.93 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.41%. The ex-dividend date was Tuesday, March 12th. Public Storage’s payout ratio is presently 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.