Public Storage (NYSE:PSA) Holdings Lowered by Seven Post Investment Office LP

Seven Post Investment Office LP lowered its stake in Public Storage (NYSE:PSA) by 1.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,554 shares of the real estate investment trust’s stock after selling 395 shares during the quarter. Public Storage makes up 1.5% of Seven Post Investment Office LP’s investment portfolio, making the stock its 14th largest holding. Seven Post Investment Office LP’s holdings in Public Storage were worth $8,214,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. EverSource Wealth Advisors LLC boosted its position in shares of Public Storage by 107.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 44 shares during the period. Core Wealth Advisors Inc. acquired a new position in shares of Public Storage during the 4th quarter valued at about $30,000. OFI Invest Asset Management bought a new position in shares of Public Storage in the second quarter valued at approximately $32,000. ICA Group Wealth Management LLC bought a new position in Public Storage in the 4th quarter worth $37,000. Finally, Opal Wealth Advisors LLC acquired a new position in shares of Public Storage during the 2nd quarter worth about $36,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction on 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 transaction, the insider now owns 3,214 shares of the company’s stock, valued at $881,568.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 11.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on PSA. Citigroup increased their price target on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a report on Thursday, August 1st. Bank of America lowered 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. Scotiabank lifted their target price on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. Finally, Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $323.77.

Public Storage Stock Up 1.3 %

Shares of PSA stock opened at $345.63 on Friday. The company has a market capitalization of $60.74 billion, a price-to-earnings ratio of 31.39, a P/E/G ratio of 5.69 and a beta of 0.67. Public Storage has a 12-month low of $233.18 and a 12-month high of $347.77. The firm has a fifty day moving average of $313.10 and a 200-day moving average of $290.38. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72.

Public Storage (NYSE:PSA) last released its quarterly 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 firm had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period in the prior year, the business earned $4.28 EPS. As a group, equities research analysts predict that Public Storage will post 16.72 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm also recently declared 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 annualized dividend and a dividend yield of 3.47%. Public Storage’s dividend payout ratio is currently 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.