Mechanics Financial Corp Decreases Stake in Public Storage (NYSE:PSA)

Mechanics Financial Corp cut its holdings in shares of Public Storage (NYSE:PSA) by 3.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,301 shares of the real estate investment trust’s stock after selling 92 shares during the quarter. Mechanics Financial Corp’s holdings in Public Storage were worth $702,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Integrated Wealth Concepts LLC increased its stake in Public Storage by 16.1% during the third quarter. Integrated Wealth Concepts LLC now owns 9,741 shares of the real estate investment trust’s stock worth $2,567,000 after acquiring an additional 1,349 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Public Storage by 8.0% in the third quarter. The Manufacturers Life Insurance Company now owns 123,852 shares of the real estate investment trust’s stock valued at $32,638,000 after buying an additional 9,223 shares during the last quarter. Raymond James & Associates increased its position in shares of 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 acquiring an additional 4,695 shares during the period. Ellsworth Advisors LLC raised its stake in shares of 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 acquiring an additional 17,036 shares in the last quarter. Finally, 1834 Investment Advisors Co. boosted its holdings in Public Storage by 115.3% in the fourth quarter. 1834 Investment Advisors Co. now owns 16,952 shares of the real estate investment trust’s stock valued at $5,170,000 after purchasing an additional 9,078 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of PSA traded up $3.79 on Thursday, reaching $263.94. The stock had a trading volume of 290,627 shares, compared to its average volume of 725,594. Public Storage has a twelve month low of $233.18 and a twelve month high of $312.25. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.58. The firm has a 50-day moving average of $277.25 and a 200 day moving average of $276.07. The firm has a market capitalization of $46.37 billion, a PE ratio of 23.63, a PEG ratio of 3.40 and a beta of 0.57.

Public Storage (NYSE:PSA) last released its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 35.99%. Public Storage’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter last year, the company posted $4.16 earnings per share. Sell-side analysts expect that Public Storage will post 16.92 EPS for the current year.

Public Storage Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 4.55%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s payout ratio is currently 108.99%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Raymond James upgraded 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. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $280.00 to $310.00 in a research note on Friday, April 5th. Barclays began coverage on shares of Public Storage in a research note on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price target for the company. Deutsche Bank Aktiengesellschaft began coverage on shares of Public Storage in a research report on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price objective on the stock. Finally, Scotiabank boosted their target price 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, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $305.00.

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.