Lathrop Investment Management Corp Decreases Holdings in Public Storage (NYSE:PSA)

Lathrop Investment Management Corp cut its holdings in shares of Public Storage (NYSE:PSA) by 7.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 707 shares of the real estate investment trust’s stock after selling 60 shares during the quarter. Lathrop Investment Management Corp’s holdings in Public Storage were worth $216,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in PSA. Russell Investments Group Ltd. increased its stake in shares of Public Storage by 0.9% in the fourth quarter. Russell Investments Group Ltd. now owns 812,793 shares of the real estate investment trust’s stock worth $248,236,000 after buying an additional 7,414 shares during the period. Alexander Randolph Advisory Inc. purchased a new position in shares of Public Storage in the fourth quarter worth $245,000. Golden State Equity Partners purchased a new position in shares of Public Storage in the fourth quarter worth $204,000. Spinnaker Trust increased its stake in shares of Public Storage by 1,785.2% in the fourth quarter. Spinnaker Trust now owns 19,003 shares of the real estate investment trust’s stock worth $5,796,000 after buying an additional 17,995 shares during the period. Finally, Kovack Advisors Inc. increased its stake in shares of Public Storage by 8.7% in the fourth quarter. Kovack Advisors Inc. now owns 1,394 shares of the real estate investment trust’s stock worth $425,000 after buying an additional 111 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PSA has been the topic of several analyst reports. Wells Fargo & Company raised shares of 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 note on Friday, April 5th. Raymond James raised 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 note on Thursday, March 28th. Scotiabank boosted their price objective on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research report on Monday, March 18th. Deutsche Bank Aktiengesellschaft began coverage on shares of Public Storage in a research report on Tuesday, January 30th. They set a “sell” rating and a $250.00 price objective on the stock. Finally, BMO Capital Markets boosted their price objective on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research report on Tuesday, March 19th. One equities research 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 company. Based on data from MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and an average target price of $305.00.

Public Storage Stock Down 0.4 %

Shares of PSA stock traded down $0.95 during mid-day trading on Friday, reaching $257.73. 577,684 shares of the company’s stock traded hands, compared to its average volume of 582,087. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25. The company has a market cap of $45.28 billion, a P/E ratio of 23.30, a P/E/G ratio of 3.39 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 company’s 50-day moving average price is $278.68 and its 200-day moving average price is $276.31.

Public Storage (NYSE:PSA) last announced its 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). 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 for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter last year, the firm posted $4.16 EPS. The business’s quarterly revenue was up 6.6% on a year-over-year basis. On average, equities 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. Investors of record on Wednesday, March 13th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.66%. 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.