Benjamin Edwards Inc. Sells 1,646 Shares of Public Storage (NYSE:PSA)

Benjamin Edwards Inc. decreased its position in Public Storage (NYSE:PSA) by 44.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,084 shares of the real estate investment trust’s stock after selling 1,646 shares during the period. Benjamin Edwards Inc.’s holdings in Public Storage were worth $600,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Gryphon Financial Partners LLC lifted its position in Public Storage by 2.5% in the 4th quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock valued at $476,000 after acquiring an additional 38 shares in the last quarter. Signet Financial Management LLC boosted its position in shares of Public Storage by 2.1% during the first quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust’s stock valued at $555,000 after buying an additional 39 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in Public Storage by 0.9% in 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 in the last quarter. Brookstone Capital Management raised its position in Public Storage by 3.4% in 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 last quarter. Finally, Legacy Wealth Asset Management LLC lifted its stake in Public Storage by 3.5% during the 1st quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust’s stock valued at $357,000 after acquiring an additional 42 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Performance

Shares of NYSE PSA opened at $361.72 on Friday. The stock has a market cap of $63.56 billion, a PE ratio of 32.85, a price-to-earnings-growth ratio of 5.12 and a beta of 0.67. Public Storage has a 1 year low of $233.18 and a 1 year high of $366.29. The firm has a fifty day moving average price of $326.92 and a 200-day moving average price of $295.63. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93.

Public Storage (NYSE:PSA) last issued its quarterly 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 business had revenue of $921.70 million during the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The company’s quarterly 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. Equities analysts anticipate that Public Storage will post 16.73 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. Investors of record on Friday, September 13th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.32%. Public Storage’s dividend payout ratio is presently 108.99%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PSA. Scotiabank raised their target price on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. Evercore ISI raised their price target on Public Storage from $334.00 to $343.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Wells Fargo & Company upped their price objective on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Citigroup raised their target price on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $332.71.

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.