Handelsbanken Fonder AB Purchases 1,505 Shares of Public Storage (NYSE:PSA)

Handelsbanken Fonder AB boosted its position in Public Storage (NYSE:PSA) by 2.6% in the 4th quarter, HoldingsChannel.com reports. The firm owned 59,701 shares of the real estate investment trust’s stock after buying an additional 1,505 shares during the period. Handelsbanken Fonder AB’s holdings in Public Storage were worth $18,209,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in PSA. IFP Advisors Inc boosted its stake in Public Storage by 22.4% in the 3rd quarter. IFP Advisors Inc now owns 1,322 shares of the real estate investment trust’s stock valued at $349,000 after purchasing an additional 242 shares during the period. Capital Investment Advisors LLC boosted its stake in Public Storage by 955.5% in the 3rd quarter. Capital Investment Advisors LLC now owns 20,371 shares of the real estate investment trust’s stock valued at $5,368,000 after purchasing an additional 18,441 shares during the period. DAVENPORT & Co LLC boosted its stake in Public Storage by 3.9% in the 3rd quarter. DAVENPORT & Co LLC now owns 2,536 shares of the real estate investment trust’s stock valued at $668,000 after purchasing an additional 95 shares during the period. Avior Wealth Management LLC boosted its stake in Public Storage by 49.5% in the 3rd quarter. Avior Wealth Management LLC now owns 145 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 48 shares during the period. Finally, Founders Financial Securities LLC boosted its stake in Public Storage by 39.0% in the 3rd quarter. Founders Financial Securities LLC now owns 2,276 shares of the real estate investment trust’s stock valued at $600,000 after purchasing an additional 639 shares during the period. 78.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Barclays assumed coverage on Public Storage in a report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price objective for the company. Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective for the company in a report on Thursday, March 28th. Truist Financial lifted their price objective on Public Storage from $285.00 to $315.00 and gave the company a “buy” rating in a report on Thursday, December 28th. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $280.00 to $310.00 in a report on Friday, April 5th. Finally, BMO Capital Markets lifted their price objective on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a report on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and a consensus price target of $305.00.

Public Storage Price Performance

Public Storage stock opened at $261.44 on Tuesday. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.62 and a current ratio of 0.62. Public Storage has a 52 week low of $233.18 and a 52 week high of $312.25. The stock has a market capitalization of $45.93 billion, a P/E ratio of 23.64, a price-to-earnings-growth ratio of 3.42 and a beta of 0.54. The stock has a fifty day moving average of $280.36 and a 200-day moving average of $276.63.

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 analysts’ consensus estimates 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%. The company’s revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.16 EPS. On average, sell-side analysts expect 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. Investors 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 dividend on an annualized basis and a yield of 4.59%. Public Storage’s dividend 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.