Mechanics Financial Corp Sells 92 Shares of Public Storage (NYSE:PSA)

Mechanics Financial Corp decreased its position in shares of Public Storage (NYSE:PSA) by 3.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & 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 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in PSA. Second Half Financial Partners LLC bought a new stake in shares of Public Storage in the third quarter worth approximately $290,129,000. JPMorgan Chase & Co. boosted its stake in shares of 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 acquiring an additional 729,262 shares during the last quarter. Lazard Asset Management LLC grew its position in shares of Public Storage by 555.6% during the 3rd quarter. Lazard Asset Management LLC now owns 615,154 shares of the real estate investment trust’s stock valued at $162,104,000 after acquiring an additional 521,322 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Public Storage by 22.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,470,839 shares of the real estate investment trust’s stock valued at $633,949,000 after acquiring an additional 451,864 shares during the period. Finally, Invesco Ltd. increased its stake in shares of Public Storage by 29.0% in the 3rd quarter. Invesco Ltd. now owns 1,141,415 shares of the real estate investment trust’s stock worth $300,786,000 after purchasing an additional 256,326 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. BMO Capital Markets upped their price target on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 19th. Scotiabank increased their target price on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a report on Monday, March 18th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Public Storage in a report on Tuesday, January 30th. They set a “sell” rating and a $250.00 price target on the stock. The Goldman Sachs Group increased their price objective on shares of Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. Finally, Raymond James upgraded 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 equities research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and an average price target of $305.00.

Public Storage Trading Up 1.5 %

Shares of NYSE:PSA traded up $3.79 during trading on Thursday, reaching $263.94. The company’s stock had a trading volume of 290,627 shares, compared to its average volume of 725,594. The firm’s 50 day simple moving average is $277.25 and its two-hundred day simple moving average is $276.07. 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 has a 12 month low of $233.18 and a 12 month high of $312.25. The stock has a market capitalization of $46.37 billion, a PE ratio of 23.63, a price-to-earnings-growth 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 for the quarter, missing the consensus estimate of $4.15 by ($1.94). Public Storage had a net margin of 45.62% and a return on equity of 35.99%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the prior year, the firm posted $4.16 EPS. The business’s revenue for the quarter 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 fiscal year.

Public Storage Dividend Announcement

The business also recently announced 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 dividend payout ratio (DPR) is presently 108.99%.

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.