Atalanta Sosnoff Capital LLC Increases Stock Holdings in Public Storage (NYSE:PSA)

Atalanta Sosnoff Capital LLC raised its holdings in Public Storage (NYSE:PSA) by 9.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,103 shares of the real estate investment trust’s stock after buying an additional 99 shares during the quarter. Atalanta Sosnoff Capital LLC’s holdings in Public Storage were worth $330,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PSA. AXA S.A. raised its position in shares of Public Storage by 17.8% in the 4th quarter. AXA S.A. now owns 28,288 shares of the real estate investment trust’s stock valued at $8,471,000 after purchasing an additional 4,280 shares during the last quarter. Alaethes Wealth LLC increased its stake in Public Storage by 1.7% during the 4th quarter. Alaethes Wealth LLC now owns 4,423 shares of the real estate investment trust’s stock valued at $1,324,000 after purchasing an additional 74 shares in the last quarter. 4WEALTH Advisors Inc. purchased a new position in shares of Public Storage in the fourth quarter worth $286,000. DoubleLine ETF Adviser LP lifted its stake in shares of Public Storage by 1.2% during the fourth quarter. DoubleLine ETF Adviser LP now owns 11,342 shares of the real estate investment trust’s stock worth $3,396,000 after buying an additional 133 shares during the period. Finally, South Plains Financial Inc. purchased a new stake in shares of Public Storage during the fourth quarter valued at $722,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Ratings Changes

PSA has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and lifted their price target for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Bank of America raised Public Storage from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $349.00 to $368.00 in a report on Tuesday, April 22nd. Evercore ISI increased their price target on shares of Public Storage from $297.00 to $309.00 and gave the stock an “in-line” rating in a report on Friday. Scotiabank upgraded shares of Public Storage from a “sector perform” rating to a “sector outperform” rating and decreased their price objective for the company from $333.00 to $305.00 in a research note on Wednesday, April 9th. Finally, Royal Bank of Canada dropped their price objective on shares of Public Storage from $329.00 to $328.00 and set a “sector perform” rating on the stock in a report on Friday. Five analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $333.75.

Public Storage Trading Up 0.0 %

Shares of Public Storage stock opened at $300.14 on Friday. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market cap of $52.65 billion, a P/E ratio of 31.17, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76. The firm has a 50-day simple moving average of $294.73 and a two-hundred day simple moving average of $308.30.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.06 by $0.06. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.18 billion. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. Public Storage’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.03 earnings per share. As a group, equities analysts predict that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.00%. The ex-dividend date was Thursday, March 13th. Public Storage’s dividend payout ratio is presently 119.17%.

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.