Park Avenue Securities LLC Trims Stake in Public Storage (NYSE:PSA)

Park Avenue Securities LLC trimmed its position in Public Storage (NYSE:PSA) by 5.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,908 shares of the real estate investment trust’s stock after selling 166 shares during the quarter. Park Avenue Securities LLC’s holdings in Public Storage were worth $1,058,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Daiwa Securities Group Inc. grew its holdings in Public Storage by 86.8% during 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 raised its stake in Public Storage by 34.4% in the first 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 buying an additional 281,800 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Public Storage by 4.2% during the first 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 buying an additional 219,391 shares during the period. Vanguard Group Inc. boosted its position in Public Storage by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock valued at $6,075,681,000 after acquiring an additional 217,487 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of Public Storage by 116.7% in the 2nd quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust’s stock valued at $111,077,000 after acquiring an additional 208,546 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PSA. 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. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Morgan Stanley raised their target price on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Evercore ISI upped their price target on Public Storage from $334.00 to $343.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Finally, Citigroup raised their price objective on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $337.36.

Public Storage Stock Performance

PSA opened at $347.94 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. Public Storage has a 12-month low of $233.18 and a 12-month high of $369.99. The firm has a 50 day moving average of $338.93 and a two-hundred day moving average of $301.44. The firm has a market capitalization of $61.14 billion, a PE ratio of 31.56, a P/E/G ratio of 5.01 and a beta of 0.68.

Public Storage (NYSE:PSA) last issued its 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 business had revenue of $921.70 million for 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 revenue for the quarter was down 1.0% on a year-over-year basis. During the same period last year, the business earned $4.28 EPS. On average, analysts anticipate that Public Storage will post 16.74 EPS for the current year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.45%. The ex-dividend date of this dividend was Friday, September 13th. Public Storage’s dividend payout ratio (DPR) 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.