Vontobel Holding Ltd. Trims Holdings in Public Storage (NYSE:PSA)

Vontobel Holding Ltd. cut its position in shares of Public Storage (NYSE:PSA) by 31.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,071 shares of the real estate investment trust’s stock after selling 944 shares during the period. Vontobel Holding Ltd.’s holdings in Public Storage were worth $754,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sumitomo Life Insurance Co. lifted its holdings in shares of Public Storage by 2.6% in the 3rd quarter. Sumitomo Life Insurance Co. now owns 3,709 shares of the real estate investment trust’s stock valued at $1,350,000 after buying an additional 94 shares during the period. Regatta Capital Group LLC grew its position in Public Storage by 1.8% in the third quarter. Regatta Capital Group LLC now owns 3,425 shares of the real estate investment trust’s stock worth $1,246,000 after acquiring an additional 59 shares during the period. Petredis Investment Advisors LLC lifted its stake 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 acquiring an additional 30 shares in the last quarter. Hutchens & Kramer Investment Management Group LLC acquired a new position in shares of Public Storage in the third quarter valued at approximately $250,000. Finally, Swedbank AB increased its position in shares of Public Storage by 31.9% during the third quarter. Swedbank AB now owns 154,167 shares of the real estate investment trust’s stock worth $56,097,000 after acquiring an additional 37,285 shares during the period. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Trading Up 0.1 %

Public Storage stock opened at $345.62 on Monday. The firm has a 50 day simple moving average of $345.72 and a 200-day simple moving average of $305.38. 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 stock has a market capitalization of $60.73 billion, a PE ratio of 31.39, a price-to-earnings-growth ratio of 4.84 and a beta of 0.68. Public Storage has a 12-month low of $233.18 and a 12-month high of $369.99.

Public Storage (NYSE:PSA) last posted 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). The company had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The company’s revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the business earned $4.28 earnings per share. As a group, equities research analysts expect that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a $3.00 dividend. The ex-dividend date was 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%.

Analyst Upgrades and Downgrades

PSA has been the topic of several analyst reports. Jefferies Financial Group increased their price objective on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Wells Fargo & Company boosted their price target on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Evercore ISI cut their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Royal Bank of Canada began coverage on shares of Public Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price target for the company. Finally, Scotiabank upped their price objective on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and an average target price of $337.00.

Public Storage 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.