Public Storage (NYSE:PSA) Shares Sold by IFM Investors Pty Ltd

IFM Investors Pty Ltd lowered its stake in shares of Public Storage (NYSE:PSA) by 0.1% in the third quarter, Holdings Channel reports. The institutional investor owned 71,381 shares of the real estate investment trust’s stock after selling 102 shares during the quarter. IFM Investors Pty Ltd’s holdings in Public Storage were worth $25,973,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Petredis Investment Advisors LLC raised its holdings in Public Storage by 0.4% during the 3rd quarter. Petredis Investment Advisors LLC now owns 6,862 shares of the real estate investment trust’s stock worth $2,497,000 after buying an additional 30 shares during the period. Yoder Wealth Management Inc. raised its holdings in Public Storage by 5.0% during the 3rd quarter. Yoder Wealth Management Inc. now owns 763 shares of the real estate investment trust’s stock worth $278,000 after buying an additional 36 shares during the period. Signet Financial Management LLC raised its holdings in Public Storage by 2.1% during the 1st quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust’s stock worth $555,000 after buying an additional 39 shares during the period. Assenagon Asset Management S.A. raised its holdings in Public Storage by 0.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust’s stock worth $1,201,000 after buying an additional 39 shares during the period. Finally, Brookstone Capital Management raised its holdings in Public Storage by 3.4% during the 1st quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock worth $354,000 after buying an additional 40 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Morgan Stanley upped their target price on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a report on Monday, August 5th. Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a report on Thursday, August 1st. Citigroup upped their target price on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Evercore ISI dropped their target price on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Public Storage has an average rating of “Moderate Buy” and an average price target of $340.93.

Public Storage Stock Performance

Public Storage stock traded down $0.81 during trading hours on Thursday, reaching $338.96. 88,740 shares of the company were exchanged, compared to its average volume of 705,382. The firm has a market cap of $59.32 billion, a price-to-earnings ratio of 31.84, a PEG ratio of 4.72 and a beta of 0.68. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. The stock has a 50-day moving average of $346.82 and a 200 day moving average of $306.35. Public Storage has a 12 month low of $233.18 and a 12 month high of $369.99.

Public Storage (NYSE:PSA) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period in the previous year, the company earned $4.28 EPS. As a group, research analysts anticipate that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a dividend of $3.00 per share. The ex-dividend date was Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.54%. Public Storage’s payout ratio is currently 112.46%.

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.