Hartford Investment Management Co. Sells 216 Shares of Public Storage (NYSE:PSA)

Hartford Investment Management Co. reduced its stake in Public Storage (NYSE:PSA) by 2.1% during the 3rd quarter, Holdings Channel reports. The firm owned 9,908 shares of the real estate investment trust’s stock after selling 216 shares during the period. Hartford Investment Management Co.’s holdings in Public Storage were worth $3,605,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in PSA. Park Avenue Securities LLC grew its position in shares of Public Storage by 6.1% during the 1st quarter. Park Avenue Securities LLC now owns 3,193 shares of the real estate investment trust’s stock worth $926,000 after buying an additional 184 shares during the period. Riverview Trust Co bought a new position in Public Storage during the 1st quarter worth approximately $37,000. Kingswood Wealth Advisors LLC grew its holdings in Public Storage by 12.2% during the first quarter. Kingswood Wealth Advisors LLC now owns 1,866 shares of the real estate investment trust’s stock valued at $541,000 after purchasing an additional 203 shares during the period. Sunbelt Securities Inc. increased its stake in Public Storage by 64,500.0% in the first quarter. Sunbelt Securities Inc. now owns 646 shares of the real estate investment trust’s stock valued at $187,000 after purchasing an additional 645 shares in the last quarter. Finally, Brookstone Capital Management raised its holdings in Public Storage by 3.4% in the first quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock worth $354,000 after purchasing an additional 40 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Trading Up 1.4 %

Shares of NYSE:PSA opened at $339.77 on Thursday. The company’s 50-day moving average price is $346.82 and its two-hundred day moving average price is $306.35. Public Storage has a one year low of $233.18 and a one year high of $369.99. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market capitalization of $59.71 billion, a PE ratio of 30.86, a price-to-earnings-growth ratio of 4.87 and a beta of 0.68.

Public Storage (NYSE:PSA) last released its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.20 by ($1.54). The company had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The business’s revenue was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.28 EPS. On average, equities analysts forecast that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.53%. Public Storage’s payout ratio is 108.99%.

Analyst Ratings Changes

A number of analysts recently commented on PSA shares. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Morgan Stanley raised their price target on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Citigroup boosted their price objective on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price for the company. in a research note on Monday, August 5th. Finally, Evercore ISI cut their price target on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $340.93.

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.