E. Ohman J or Asset Management AB Cuts Stock Position in Public Storage (NYSE:PSA)

E. Ohman J or Asset Management AB reduced its position in Public Storage (NYSE:PSA) by 4.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,800 shares of the real estate investment trust’s stock after selling 300 shares during the quarter. E. Ohman J or Asset Management AB’s holdings in Public Storage were worth $2,035,000 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. Norges Bank purchased a new position in shares of Public Storage in the 4th quarter worth about $931,286,000. Northern Trust Corp boosted its holdings in shares of Public Storage by 43.4% in the 4th quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust’s stock worth $741,592,000 after purchasing an additional 749,913 shares in the last quarter. Cohen & Steers Inc. boosted its holdings in shares of Public Storage by 12.3% in the 4th quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust’s stock worth $1,626,731,000 after purchasing an additional 592,944 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Public Storage by 34,827.1% in the 1st quarter. GAMMA Investing LLC now owns 524,955 shares of the real estate investment trust’s stock worth $157,114,000 after purchasing an additional 523,452 shares in the last quarter. Finally, Deutsche Bank AG boosted its holdings in shares of Public Storage by 44.6% in the 4th quarter. Deutsche Bank AG now owns 1,407,754 shares of the real estate investment trust’s stock worth $421,538,000 after purchasing an additional 433,918 shares in the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Stock Up 0.9%

Shares of NYSE:PSA opened at $303.30 on Friday. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99. The firm has a market capitalization of $53.21 billion, a P/E ratio of 31.50, a P/E/G ratio of 4.91 and a beta of 0.89. The stock has a 50 day moving average price of $295.50 and a 200-day moving average price of $302.59. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

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

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date is Thursday, June 12th. Public Storage’s dividend payout ratio (DPR) is presently 119.17%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Evercore ISI upped their price objective on Public Storage from $297.00 to $309.00 and gave the stock an “in-line” rating in a report on Friday, May 2nd. Barclays dropped their target price on Public Storage from $354.00 to $351.00 and set an “overweight” rating for the company in a report on Friday, May 16th. Wells Fargo & Company dropped their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Bank of America increased their target price on Public Storage from $368.00 to $380.00 and gave the company a “buy” rating in a report on Tuesday, May 13th. Finally, Truist Financial upgraded Public Storage from a “hold” rating to a “buy” rating and set a $310.00 target price for the company in a report on Thursday, April 10th. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $339.25.

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.