Zurcher Kantonalbank Zurich Cantonalbank Sells 1,305 Shares of Public Storage (NYSE:PSA)

Zurcher Kantonalbank Zurich Cantonalbank decreased its position in shares of Public Storage (NYSE:PSA) by 1.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 98,788 shares of the real estate investment trust’s stock after selling 1,305 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.06% of Public Storage worth $30,130,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in PSA. Norges Bank bought a new position in Public Storage during the 4th quarter worth $670,512,000. Moneta Group Investment Advisors LLC increased its position in Public Storage by 111,535.5% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 1,246,968 shares of the real estate investment trust’s stock worth $349,388,000 after buying an additional 1,245,851 shares during the period. Second Half Financial Partners LLC bought a new position in Public Storage during the 3rd quarter worth $290,129,000. Price T Rowe Associates Inc. MD increased its position in Public Storage by 63.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,755,605 shares of the real estate investment trust’s stock worth $832,580,000 after buying an additional 1,071,347 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Public Storage by 29.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock worth $835,032,000 after buying an additional 729,262 shares during the period. Institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

PSA has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft started coverage on Public Storage in a research report on Tuesday, January 30th. They set a “sell” rating and a $250.00 price objective on the stock. 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 research report on Thursday, March 28th. Wells Fargo & Company upgraded Public Storage from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $280.00 to $310.00 in a research report on Friday, April 5th. Scotiabank raised their price target on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research report on Monday, March 18th. Finally, Truist Financial raised their price target on Public Storage from $285.00 to $315.00 and gave the stock a “buy” rating in a research report on Thursday, December 28th. One research analyst has rated the stock with a sell rating, four have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $305.00.

Public Storage Stock Performance

Public Storage stock opened at $262.22 on Wednesday. Public Storage has a 12-month low of $233.18 and a 12-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 business’s 50-day moving average price is $282.12 and its two-hundred day moving average price is $276.57. The stock has a market cap of $46.07 billion, a PE ratio of 23.71, a P/E/G ratio of 3.49 and a beta of 0.54.

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). Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the firm earned $4.16 EPS. The business’s revenue was up 6.6% on a year-over-year basis. As a group, analysts expect that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.58%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s payout ratio is 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.