Sheets Smith Wealth Management Reduces Holdings in Public Storage (NYSE:PSA)

Sheets Smith Wealth Management cut its stake in Public Storage (NYSE:PSA) by 0.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 28,620 shares of the real estate investment trust’s stock after selling 200 shares during the period. Public Storage comprises approximately 1.1% of Sheets Smith Wealth Management’s portfolio, making the stock its 23rd largest position. Sheets Smith Wealth Management’s holdings in Public Storage were worth $8,729,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of PSA. JPMorgan Chase & Co. boosted its position in shares of 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 purchasing an additional 729,262 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of 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. Northern Trust Corp raised its position in Public Storage by 2.8% in the 3rd quarter. Northern Trust Corp now owns 2,311,981 shares of the real estate investment trust’s stock valued at $609,253,000 after purchasing an additional 63,289 shares during the last quarter. Morgan Stanley boosted its stake in Public Storage by 0.8% during the 3rd quarter. Morgan Stanley now owns 1,680,149 shares of the real estate investment trust’s stock worth $442,753,000 after purchasing an additional 13,864 shares during the period. Finally, American Century Companies Inc. grew its position in Public Storage by 6.5% during the 3rd quarter. American Century Companies Inc. now owns 1,330,220 shares of the real estate investment trust’s stock worth $350,540,000 after purchasing an additional 80,784 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of PSA stock traded up $1.83 during mid-day trading on Friday, reaching $265.76. The stock had a trading volume of 662,239 shares, compared to its average volume of 697,055. Public Storage has a 12-month low of $233.18 and a 12-month high of $312.25. The company has a current ratio of 0.54, a quick ratio of 0.62 and a debt-to-equity ratio of 1.59. The business has a 50-day simple moving average of $276.44 and a 200 day simple moving average of $276.00. The company has a market cap of $46.69 billion, a P/E ratio of 24.14, a price-to-earnings-growth ratio of 3.49 and a beta of 0.57.

Public Storage (NYSE:PSA) last announced its earnings results 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). Public Storage had a return on equity of 36.17% and a net margin of 45.62%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same quarter in the previous year, the firm posted $4.16 EPS. The business’s revenue was up 6.6% on a year-over-year basis. On average, sell-side analysts anticipate that Public Storage will post 16.92 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. Stockholders of record on Wednesday, March 13th were issued a $3.00 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.52%. Public Storage’s dividend payout ratio (DPR) is 108.99%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. The Goldman Sachs Group increased 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. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $280.00 to $310.00 in a report on Friday, April 5th. Barclays began coverage on Public Storage in a research note on Wednesday, March 27th. They set an “overweight” rating and a $330.00 price target for the company. BMO Capital Markets lifted their price objective on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research report on Tuesday, March 19th. Finally, Deutsche Bank Aktiengesellschaft began 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 equities research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price 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.