Johnson Financial Group Inc. Trims Position in Public Storage (NYSE:PSA)

Johnson Financial Group Inc. decreased its holdings in shares of Public Storage (NYSE:PSA) by 24.5% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,813 shares of the real estate investment trust’s stock after selling 913 shares during the quarter. Johnson Financial Group Inc.’s holdings in Public Storage were worth $858,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in PSA. Integrated Wealth Concepts LLC grew its holdings in Public Storage by 16.1% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 9,741 shares of the real estate investment trust’s stock valued at $2,567,000 after buying an additional 1,349 shares during the period. The Manufacturers Life Insurance Company increased its position in Public Storage by 8.0% during the third 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 during the last quarter. Raymond James & Associates raised its stake in Public Storage by 4.3% during 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% during the fourth quarter. Ellsworth Advisors LLC now owns 19,803 shares of the real estate investment trust’s stock worth $6,040,000 after purchasing an additional 17,036 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich boosted its holdings in shares of Public Storage by 8.3% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 163,191 shares of the real estate investment trust’s stock valued at $49,773,000 after purchasing an additional 12,574 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Down 0.7 %

Shares of PSA stock traded down $1.97 on Friday, hitting $272.39. The stock had a trading volume of 665,196 shares, compared to its average volume of 642,492. The firm has a market capitalization of $47.87 billion, a price-to-earnings ratio of 24.74, a P/E/G ratio of 3.83 and a beta of 0.57. The stock’s 50 day moving average is $274.82 and its 200-day moving average is $279.30. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.54 and a current ratio of 0.54. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25.

Public Storage (NYSE:PSA) last announced its earnings results 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 during the quarter, compared to analysts’ expectations of $1.14 billion. Public Storage had a net margin of 45.62% and a return on equity of 36.17%. Public Storage’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter last year, the company posted $4.16 earnings per share. As a group, research analysts expect that Public Storage will post 16.91 earnings per share for the current year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th will be paid a $3.00 dividend. The ex-dividend date is Wednesday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.41%. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Insider Activity

In other news, Director Kristy Pipes acquired 2,149 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were acquired at an average price of $278.96 per share, with a total value of $599,485.04. Following the acquisition, the director now directly owns 2,149 shares in the company, valued at $599,485.04. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 11.00% of the company’s stock.

Analysts Set New Price Targets

PSA has been the subject of a number of research analyst reports. Wells Fargo & Company upgraded Public Storage from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $280.00 to $310.00 in a report on Friday, April 5th. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective on the stock in a report on Thursday, March 28th. BMO Capital Markets boosted their target price on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a report on Tuesday, March 19th. Barclays cut their price target on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a report on Monday, May 20th. Finally, Scotiabank boosted their price objective on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research note on Monday, March 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and an average target price of $304.75.

Public Storage Company Profile

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.