Hartline Investment Corp Has $1.04 Million Holdings in Public Storage (NYSE:PSA)

Hartline Investment Corp decreased its position in shares of Public Storage (NYSE:PSA) by 5.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,399 shares of the real estate investment trust’s stock after selling 180 shares during the period. Hartline Investment Corp’s holdings in Public Storage were worth $1,037,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. IFP Advisors Inc raised its stake in shares of Public Storage by 22.4% during the third quarter. IFP Advisors Inc now owns 1,322 shares of the real estate investment trust’s stock valued at $349,000 after acquiring an additional 242 shares during the last quarter. DAVENPORT & Co LLC grew its holdings in shares of Public Storage by 3.9% during the third quarter. DAVENPORT & Co LLC now owns 2,536 shares of the real estate investment trust’s stock valued at $668,000 after buying an additional 95 shares during the last quarter. Avior Wealth Management LLC grew its holdings in shares of Public Storage by 49.5% during the third quarter. Avior Wealth Management LLC now owns 145 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 48 shares during the last quarter. Founders Financial Securities LLC boosted its holdings in Public Storage by 39.0% during the third quarter. Founders Financial Securities LLC now owns 2,276 shares of the real estate investment trust’s stock worth $600,000 after purchasing an additional 639 shares during the last quarter. Finally, Exchange Traded Concepts LLC boosted its holdings in Public Storage by 4.9% during the third quarter. Exchange Traded Concepts LLC now owns 2,155 shares of the real estate investment trust’s stock worth $568,000 after purchasing an additional 101 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Price Performance

Public Storage stock traded down $0.05 during midday trading on Wednesday, reaching $262.17. 699,028 shares of the stock were exchanged, compared to its average volume of 724,347. The company’s fifty day moving average is $280.07 and its 200-day moving average is $276.62. 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 firm has a market cap of $46.06 billion, a PE ratio of 23.71, a PEG ratio of 3.43 and a beta 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 posted its earnings results 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 business’s revenue was up 6.6% on a year-over-year basis. During the same period last year, the company posted $4.16 EPS. On average, sell-side analysts forecast 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. Shareholders of record on Wednesday, March 13th were paid a $3.00 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.58%. Public Storage’s dividend payout ratio is presently 108.50%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on PSA shares. Truist Financial boosted their price target on shares of Public Storage from $285.00 to $315.00 and gave the stock a “buy” rating in a report on Thursday, December 28th. Barclays began coverage on shares of Public Storage in a research report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price objective on the stock. The Goldman Sachs Group lifted their price objective on shares of Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. 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, Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective on the stock in a research report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently 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.