Hartford Funds Management Co LLC Acquires 470 Shares of Public Storage (NYSE:PSA)

Hartford Funds Management Co LLC grew its holdings in shares of Public Storage (NYSE:PSA) by 35.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 1,809 shares of the real estate investment trust’s stock after acquiring an additional 470 shares during the period. Hartford Funds Management Co LLC’s holdings in Public Storage were worth $552,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of PSA. Private Ocean LLC raised its stake in shares of 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 acquiring an additional 109 shares during the last quarter. Centerpoint Advisors LLC bought a new position in shares of Public Storage during the fourth quarter valued at $35,000. Turtle Creek Wealth Advisors LLC bought a new position in shares of Public Storage during the fourth quarter valued at $35,000. Aspire Private Capital LLC raised its stake in shares of Public Storage by 44.0% during the third quarter. Aspire Private Capital LLC now owns 144 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 44 shares during the last quarter. Finally, Rise Advisors LLC increased its position in shares of Public Storage by 165.5% during the fourth quarter. Rise Advisors LLC now owns 146 shares of the real estate investment trust’s stock worth $44,000 after buying an additional 91 shares during the period. Institutional investors own 78.79% of the company’s stock.

Analysts Set New Price Targets

PSA has been the subject of several recent analyst reports. Barclays initiated coverage on shares of Public Storage in a research report on Wednesday, March 27th. They set 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 stock a “sector perform” rating in a research report on Monday, March 18th. Raymond James upgraded shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective for the company in a research report on Thursday, March 28th. The Goldman Sachs Group increased their price objective on shares of Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Public Storage in a research report on Tuesday, January 30th. They set a “sell” rating and a $250.00 price objective for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $305.00.

Public Storage Stock Down 1.3 %

NYSE:PSA traded down $3.48 during trading hours on Tuesday, reaching $259.45. The company had a trading volume of 934,347 shares, compared to its average volume of 725,064. The firm has a market cap of $45.58 billion, a price-to-earnings ratio of 23.46, a P/E/G ratio of 3.38 and a beta of 0.54. The business’s 50-day simple moving average is $277.82 and its two-hundred day simple moving average is $276.18. Public Storage has a twelve month low of $233.18 and a twelve month high of $312.25. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.58.

Public Storage (NYSE:PSA) last issued its quarterly earnings data 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 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 firm’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.16 earnings per share. On average, equities analysts expect that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Announces Dividend

The firm also recently disclosed 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. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.63%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s dividend payout ratio is currently 108.50%.

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.