Convergence Investment Partners LLC Sells 516 Shares of Public Storage (NYSE:PSA)

Convergence Investment Partners LLC reduced its position in Public Storage (NYSE:PSA) by 12.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,541 shares of the real estate investment trust’s stock after selling 516 shares during the quarter. Convergence Investment Partners LLC’s holdings in Public Storage were worth $1,080,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. JPMorgan Chase & Co. boosted its position 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 acquiring an additional 729,262 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Public Storage by 22.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,470,839 shares of the real estate investment trust’s stock worth $633,949,000 after buying an additional 451,864 shares in the last quarter. Northern Trust Corp grew its stake in Public Storage by 2.8% in the 3rd quarter. Northern Trust Corp now owns 2,311,981 shares of the real estate investment trust’s stock worth $609,253,000 after buying an additional 63,289 shares in the last quarter. Morgan Stanley grew its stake in Public Storage by 0.8% in the 3rd quarter. Morgan Stanley now owns 1,680,149 shares of the real estate investment trust’s stock worth $442,753,000 after buying an additional 13,864 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in Public Storage by 6.5% in the 3rd quarter. American Century Companies Inc. now owns 1,330,220 shares of the real estate investment trust’s stock worth $350,540,000 after buying an additional 80,784 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors.

Public Storage Trading Down 0.4 %

NYSE:PSA traded down $0.95 during midday trading on Friday, reaching $257.73. 577,684 shares of the stock traded hands, compared to its average volume of 582,087. The company has a fifty day moving average of $278.68 and a 200 day moving average of $276.34. Public Storage has a 12 month low of $233.18 and a 12 month 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 stock has a market capitalization of $45.28 billion, a P/E ratio of 23.30, a PEG ratio of 3.38 and a beta of 0.54.

Public Storage (NYSE:PSA) last posted 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). Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the company earned $4.16 earnings per share. The company’s quarterly revenue was up 6.6% compared to the same quarter last year. On average, research analysts predict that Public Storage will post 16.92 EPS for the current year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were issued a $3.00 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 annualized dividend and a yield of 4.66%. Public Storage’s dividend payout ratio (DPR) is presently 108.50%.

Wall Street Analysts Forecast Growth

PSA has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Public Storage in a research note on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price target for the company. BMO Capital Markets boosted their price target on shares of Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 19th. Scotiabank boosted their price target 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. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $280.00 to $310.00 in a report on Friday, April 5th. Finally, Barclays began coverage on shares of Public Storage in a report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $305.00.

Public Storage 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.