Public Storage (NYSE:PSA) Shares Sold by Desjardins Global Asset Management Inc.

Desjardins Global Asset Management Inc. reduced its stake in Public Storage (NYSE:PSA) by 82.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,229 shares of the real estate investment trust’s stock after selling 5,655 shares during the period. Desjardins Global Asset Management Inc.’s holdings in Public Storage were worth $375,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in PSA. Sunbelt Securities Inc. acquired a new stake in Public Storage during the first quarter valued at approximately $26,000. ICA Group Wealth Management LLC acquired a new stake in Public Storage during the fourth quarter valued at approximately $29,000. Private Ocean LLC lifted its stake in 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 purchasing an additional 109 shares during the last quarter. Live Oak Investment Partners acquired a new stake in shares of Public Storage during the fourth quarter valued at approximately $34,000. Finally, Centerpoint Advisors LLC acquired a new stake in shares of Public Storage during the fourth quarter valued at approximately $35,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Stock Performance

NYSE PSA opened at $261.67 on Thursday. The stock has a market cap of $45.97 billion, a P/E ratio of 23.66, a PEG ratio of 3.44 and a beta of 0.54. The company’s 50-day simple moving average is $281.73 and its 200 day simple moving average is $276.46. 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 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 return on equity of 35.31% and a net margin of 45.34%. Public Storage’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the company posted $4.16 earnings per share. As a group, research analysts forecast that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were paid a dividend of $3.00 per share. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 annualized dividend and a yield of 4.59%. Public Storage’s dividend payout ratio is 108.50%.

Wall Street Analyst Weigh In

PSA has been the topic of a number of recent analyst reports. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $280.00 to $310.00 in a report on Friday, April 5th. BMO Capital Markets upped their price objective on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. Truist Financial upped their price objective on shares of Public Storage from $285.00 to $315.00 and gave the company a “buy” rating in a research note on Thursday, December 28th. The Goldman Sachs Group upped their price objective on shares of Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Public Storage in a research note on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.