Federated Hermes Inc. Has $66.80 Million Stock Holdings in Public Storage (NYSE:PSA)

Federated Hermes Inc. lowered its holdings in Public Storage (NYSE:PSA) by 8.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 219,019 shares of the real estate investment trust’s stock after selling 19,447 shares during the quarter. Federated Hermes Inc. owned 0.12% of Public Storage worth $66,801,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sunbelt Securities Inc. bought a new position in Public Storage during the first quarter worth $26,000. ICA Group Wealth Management LLC bought a new position in shares of Public Storage during the 4th quarter worth about $29,000. Private Ocean LLC raised its position in shares of 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 buying an additional 109 shares during the last quarter. Centerpoint Advisors LLC acquired a new position in shares of Public Storage during the fourth quarter valued at about $35,000. Finally, Turtle Creek Wealth Advisors LLC bought a new stake in shares of Public Storage in the fourth quarter valued at about $35,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PSA. Wells Fargo & Company upgraded Public Storage from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $280.00 to $310.00 in a research report on Friday, April 5th. The Goldman Sachs Group lifted their target price on shares of Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. Truist Financial upped their target price 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. Barclays initiated coverage on shares of Public Storage in a research note on Wednesday, March 27th. They set an “overweight” rating and a $330.00 price target for the company. Finally, BMO Capital Markets upped their price objective on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. One analyst has rated the stock with a sell rating, four have issued 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 has a consensus rating of “Moderate Buy” and an average target price of $305.00.

Public Storage Trading Down 0.6 %

PSA stock opened at $260.28 on Friday. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.62 and a quick ratio of 0.62. The stock has a market capitalization of $45.73 billion, a price-to-earnings ratio of 23.53, a P/E/G ratio of 3.43 and a beta of 0.54. The business has a fifty day moving average price of $281.24 and a 200 day moving average price of $276.35. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $312.25.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.15 by ($1.94). The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. Public Storage had a return on equity of 35.31% and a net margin of 45.34%. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter last year, the company earned $4.16 EPS. Analysts expect that Public Storage will post 16.92 EPS 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 given a $3.00 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.61%. Public Storage’s payout ratio is 108.50%.

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.