Cognios Beta Neutral Large Cap Fund LP Reduces Stock Holdings in Public Storage (NYSE:PSA)

Cognios Beta Neutral Large Cap Fund LP cut its holdings in Public Storage (NYSE:PSA) by 6.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,989 shares of the real estate investment trust’s stock after selling 130 shares during the period. Cognios Beta Neutral Large Cap Fund LP’s holdings in Public Storage were worth $607,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of PSA. Private Ocean LLC increased its stake in Public Storage by 5,450.0% in the fourth quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 109 shares during the last quarter. Centerpoint Advisors LLC purchased a new stake in shares of Public Storage during the fourth quarter worth about $35,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Public Storage during the 4th quarter valued at approximately $35,000. Avior Wealth Management LLC boosted its stake in Public Storage by 49.5% during the 3rd quarter. Avior Wealth Management LLC now owns 145 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 48 shares during the last quarter. Finally, Aspire Private Capital LLC grew its stake in Public Storage by 44.0% in the third quarter. Aspire Private Capital LLC now owns 144 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 44 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analyst Ratings Changes

PSA has been the subject of several research reports. Wells Fargo & Company upgraded Public Storage from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $280.00 to $310.00 in a research report on Friday, April 5th. The Goldman Sachs Group increased their target price on shares of Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a report on Thursday, January 11th. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target for the company in a report on Thursday, March 28th. Barclays initiated coverage on shares of Public Storage in a research note on Wednesday, March 27th. They set an “overweight” rating and a $330.00 price objective on the stock. Finally, Scotiabank upped their target price on Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a report on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $305.00.

Public Storage Trading Down 0.0 %

PSA stock traded down $0.05 during midday trading on Wednesday, reaching $262.17. The company’s stock had a trading volume of 699,042 shares, compared to its average volume of 724,347. Public Storage has a 52 week low of $233.18 and a 52 week high of $312.25. The stock has a market cap of $46.06 billion, a PE ratio of 23.70, a price-to-earnings-growth ratio of 3.43 and a beta of 0.54. 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 simple moving average is $280.07 and its 200-day simple moving average is $276.62.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 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 analyst estimates of $1.14 billion. Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The business’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.16 EPS. As a group, sell-side analysts expect that Public Storage will post 16.92 EPS for the current year.

Public Storage Dividend Announcement

The company 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 4.58%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s payout ratio is 108.50%.

Public Storage 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.