Amalgamated Bank Sells 2,027 Shares of Public Storage (NYSE:PSA)

Amalgamated Bank cut its position in Public Storage (NYSE:PSA) by 4.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 39,146 shares of the real estate investment trust’s stock after selling 2,027 shares during the quarter. Amalgamated Bank’s holdings in Public Storage were worth $11,940,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC boosted its position in shares of Public Storage by 16.1% in the third quarter. Integrated Wealth Concepts LLC now owns 9,741 shares of the real estate investment trust’s stock valued at $2,567,000 after acquiring an additional 1,349 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Public Storage by 8.0% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 123,852 shares of the real estate investment trust’s stock worth $32,638,000 after purchasing an additional 9,223 shares in the last quarter. Raymond James & Associates increased its position in shares of Public Storage by 4.3% in the fourth quarter. Raymond James & Associates now owns 114,482 shares of the real estate investment trust’s stock worth $34,917,000 after purchasing an additional 4,695 shares during the period. Ellsworth Advisors LLC raised its stake in Public Storage by 615.7% in the fourth quarter. Ellsworth Advisors LLC now owns 19,803 shares of the real estate investment trust’s stock valued at $6,040,000 after purchasing an additional 17,036 shares in the last quarter. Finally, 1834 Investment Advisors Co. lifted its position in Public Storage by 115.3% during the fourth quarter. 1834 Investment Advisors Co. now owns 16,952 shares of the real estate investment trust’s stock worth $5,170,000 after purchasing an additional 9,078 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Trading Up 0.7 %

NYSE:PSA traded up $1.83 during mid-day trading on Friday, hitting $265.76. 662,239 shares of the company’s stock were exchanged, compared to its average volume of 697,055. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $312.25. The company has a current ratio of 0.54, a quick ratio of 0.62 and a debt-to-equity ratio of 1.59. The firm has a market capitalization of $46.69 billion, a P/E ratio of 24.14, a PEG ratio of 3.46 and a beta of 0.57. The company has a 50 day simple moving average of $276.82 and a 200-day simple moving average of $275.99.

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 analysts’ consensus estimates of $4.15 by ($1.94). The business 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 36.17% and a net margin of 45.62%. Public Storage’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter last year, the firm posted $4.16 EPS. As a group, research analysts expect that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Announces Dividend

The business 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. This represents a $12.00 annualized dividend and a dividend yield of 4.52%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s dividend payout ratio (DPR) is 108.99%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Public Storage in a report on Tuesday, January 30th. They set a “sell” rating and a $250.00 price target for the company. BMO Capital Markets raised their target price on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a report on Tuesday, March 19th. The Goldman Sachs Group boosted their price target on Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a report on Thursday, January 11th. Scotiabank raised their price objective on Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research note on Monday, March 18th. Finally, Barclays started coverage on Public Storage in a research note on Wednesday, March 27th. They set an “overweight” rating and a $330.00 target price for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Public Storage 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.