Calamos Advisors LLC Decreases Stock Holdings in Public Storage (NYSE:PSA)

Calamos Advisors LLC lowered its stake in shares of Public Storage (NYSE:PSA) by 1.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 35,787 shares of the real estate investment trust’s stock after selling 467 shares during the period. Calamos Advisors LLC’s holdings in Public Storage were worth $10,915,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Public Storage in the fourth quarter valued at about $670,512,000. Moneta Group Investment Advisors LLC lifted its holdings in shares of Public Storage by 111,535.5% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 1,246,968 shares of the real estate investment trust’s stock valued at $349,388,000 after purchasing an additional 1,245,851 shares in the last quarter. Second Half Financial Partners LLC purchased a new stake in shares of Public Storage in the third quarter valued at about $290,129,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Public Storage by 63.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,755,605 shares of the real estate investment trust’s stock valued at $832,580,000 after purchasing an additional 1,071,347 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Public Storage by 29.9% in the third quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock valued at $835,032,000 after purchasing an additional 729,262 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PSA shares. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target on the stock in a report on Thursday, March 28th. Deutsche Bank Aktiengesellschaft started coverage on shares of Public Storage in a report on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price target on the stock. Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $280.00 to $310.00 in a report on Friday, April 5th. BMO Capital Markets boosted their price objective on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research report on Tuesday, March 19th. Finally, Barclays began coverage on shares of Public Storage in a research report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $305.00.

Public Storage Stock Performance

Shares of PSA stock opened at $260.39 on Friday. Public Storage has a one year low of $233.18 and a one year high of $312.25. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.62 and a current ratio of 0.62. The company has a 50 day moving average price of $280.76 and a 200 day moving average price of $276.35. The firm has a market capitalization of $45.75 billion, a price-to-earnings ratio of 23.54, a price-to-earnings-growth ratio of 3.42 and a beta of 0.54.

Public Storage (NYSE:PSA) last issued its quarterly earnings results 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). Public Storage had a return on equity of 35.31% and a net margin of 45.34%. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the company posted $4.16 EPS. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. Sell-side analysts anticipate that Public Storage will post 16.92 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were given a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.61%. The ex-dividend date was Tuesday, March 12th. Public Storage’s payout ratio is currently 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.