Hartford Investment Management Co. Has $3.61 Million Stock Holdings in Public Storage (NYSE:PSA)

Hartford Investment Management Co. lowered its position in Public Storage (NYSE:PSA) by 2.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,908 shares of the real estate investment trust’s stock after selling 216 shares during the quarter. Hartford Investment Management Co.’s holdings in Public Storage were worth $3,605,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. OFI Invest Asset Management bought a new position in Public Storage in the second quarter worth $32,000. Opal Wealth Advisors LLC bought a new position in shares of Public Storage during the 2nd quarter worth about $36,000. Riverview Trust Co acquired a new stake in shares of Public Storage during the 1st quarter valued at about $37,000. Crewe Advisors LLC bought a new stake in Public Storage in the first quarter valued at about $39,000. Finally, EdgeRock Capital LLC acquired a new position in Public Storage in the second quarter worth about $39,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Price Performance

PSA opened at $339.77 on Thursday. 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 P/E ratio of 30.86, a price-to-earnings-growth ratio of 4.87 and a beta of 0.68. The company’s 50 day simple moving average is $346.82 and its 200-day simple moving average is $306.35. Public Storage has a one year low of $233.18 and a one year high of $369.99.

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

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders 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 annualized dividend and a yield of 3.53%. Public Storage’s dividend payout ratio is currently 108.99%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a report on Monday, August 5th. Citigroup upped their price target on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Morgan Stanley lifted their price objective on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Royal Bank of Canada initiated coverage on shares of Public Storage in a report on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 target price on the stock. Finally, Jefferies Financial Group boosted their price target on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $340.93.

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.