Zurcher Kantonalbank Zurich Cantonalbank Reduces Holdings in Public Storage (NYSE:PSA)

Zurcher Kantonalbank Zurich Cantonalbank lessened its position in shares of Public Storage (NYSE:PSA) by 1.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 98,788 shares of the real estate investment trust’s stock after selling 1,305 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Public Storage were worth $30,130,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. Everence Capital Management Inc. lifted its holdings in Public Storage by 27.2% during the 4th quarter. Everence Capital Management Inc. now owns 5,990 shares of the real estate investment trust’s stock worth $1,827,000 after purchasing an additional 1,280 shares in the last quarter. Signet Financial Management LLC lifted its holdings in Public Storage by 3.8% during the 4th quarter. Signet Financial Management LLC now owns 1,874 shares of the real estate investment trust’s stock worth $572,000 after purchasing an additional 69 shares in the last quarter. SVB Wealth LLC purchased a new stake in Public Storage during the 4th quarter worth about $245,000. Flputnam Investment Management Co. lifted its holdings in Public Storage by 4.2% during the 4th quarter. Flputnam Investment Management Co. now owns 77,991 shares of the real estate investment trust’s stock worth $23,787,000 after purchasing an additional 3,116 shares in the last quarter. Finally, Private Client Services LLC purchased a new stake in Public Storage during the 4th quarter worth about $700,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of Public Storage stock opened at $262.22 on Wednesday. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 1.58. The firm has a market capitalization of $46.07 billion, a PE ratio of 23.71, a price-to-earnings-growth ratio of 3.49 and a beta of 0.54. The business’s 50-day moving average price is $282.12 and its 200-day moving average price is $276.57. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25.

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 firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. Public Storage had a net margin of 45.34% and a return on equity of 35.31%. Public Storage’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter last year, the company posted $4.16 earnings per share. Sell-side analysts forecast that Public Storage will post 16.92 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were given a dividend of $3.00 per share. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.58%. Public Storage’s dividend payout ratio (DPR) is presently 108.50%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Truist Financial increased their price objective on Public Storage from $285.00 to $315.00 and gave the stock a “buy” rating in a report on Thursday, December 28th. BMO Capital Markets increased their price objective on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a report on Tuesday, March 19th. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price on the stock in a research note on Thursday, March 28th. The Goldman Sachs Group upped their target price on Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. Finally, Scotiabank upped their target price on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research note on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $305.00.

Public Storage 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.