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

Citizens Financial Group Inc. RI trimmed its holdings in Public Storage (NYSE:PSA) by 1.7% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 11,503 shares of the real estate investment trust’s stock after selling 201 shares during the period. Citizens Financial Group Inc. RI’s holdings in Public Storage were worth $3,508,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Private Ocean LLC increased its stake in shares of Public Storage by 5,450.0% during the fourth quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 109 shares during the period. Centerpoint Advisors LLC acquired a new position in shares of Public Storage during the fourth quarter worth about $35,000. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Public Storage during the fourth quarter worth about $35,000. Avior Wealth Management LLC increased its stake 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 worth $38,000 after acquiring an additional 48 shares during the period. Finally, Aspire Private Capital LLC increased its stake in shares of Public Storage by 44.0% during the third quarter. Aspire Private Capital LLC now owns 144 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 44 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Price Performance

Shares of PSA stock traded down $0.95 during trading hours on Friday, hitting $257.73. The company’s stock had a trading volume of 577,684 shares, compared to its average volume of 582,087. The business has a fifty day moving average of $278.68 and a 200-day moving average of $276.31. The stock has a market cap of $45.28 billion, a price-to-earnings ratio of 23.30, a P/E/G ratio of 3.39 and a beta of 0.54. Public Storage has a twelve month low of $233.18 and a twelve month high of $312.25. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 1.58.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing the consensus estimate of $4.15 by ($1.94). The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.14 billion. Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.16 earnings per share. As a group, equities research analysts anticipate that Public Storage will post 16.92 EPS for the current year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.66%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s payout ratio is 108.50%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on PSA shares. 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 upped 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 report on Monday, March 18th. 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 report on Friday, April 5th. Raymond James upgraded shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price on the stock in a research report on Thursday, March 28th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Public Storage in a research report on Tuesday, January 30th. They set a “sell” rating and a $250.00 target price on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and a consensus target price of $305.00.

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.