Public Storage (NYSE:PSA) Shares Sold by Whittier Trust Co.

Whittier Trust Co. lessened its holdings in shares of Public Storage (NYSE:PSA) by 10.4% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 1,789 shares of the real estate investment trust’s stock after selling 207 shares during the quarter. Whittier Trust Co.’s holdings in Public Storage were worth $515,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank bought a new position in Public Storage during the 4th quarter valued at $821,151,000. Daiwa Securities Group Inc. lifted its stake in Public Storage by 86.8% in the 1st quarter. Daiwa Securities Group Inc. now owns 645,168 shares of the real estate investment trust’s stock worth $187,137,000 after acquiring an additional 299,826 shares in the last quarter. Canada Pension Plan Investment Board lifted its stake in Public Storage by 34.4% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock worth $319,270,000 after acquiring an additional 281,800 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Public Storage by 4.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock worth $1,575,794,000 after acquiring an additional 219,391 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Public Storage by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after acquiring an additional 217,487 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Public Storage

In related news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the sale, the insider now directly owns 3,214 shares in the company, valued at approximately $881,568.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 11.00% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PSA. Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a research note on Thursday, August 1st. Scotiabank increased their price objective on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. Bank of America lowered 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. Evercore ISI raised their target price on Public Storage from $330.00 to $334.00 and gave the company an “in-line” rating in a report on Wednesday. Finally, Barclays raised their target price on Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $319.25.

Public Storage Trading Down 0.5 %

Shares of NYSE PSA traded down $1.83 during midday trading on Thursday, reaching $338.94. 204,057 shares of the stock were exchanged, compared to its average volume of 707,373. The business has a 50-day simple moving average of $304.63 and a two-hundred day simple moving average of $287.04. 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 company has a market capitalization of $59.56 billion, a price-to-earnings ratio of 30.95, a P/E/G ratio of 5.28 and a beta of 0.65. Public Storage has a 12 month low of $233.18 and a 12 month high of $343.47.

Public Storage (NYSE:PSA) last issued its quarterly earnings data 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). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the firm posted $4.28 earnings per share. Public Storage’s revenue for the quarter was down 1.0% compared to the same quarter last year. As a group, equities research analysts expect that Public Storage will post 16.74 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a dividend of $3.00 per share. The ex-dividend date is Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.54%. Public Storage’s dividend payout ratio is 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.