Sompo Asset Management Co. Ltd. Lowers Holdings in Public Storage (NYSE:PSA)

Sompo Asset Management Co. Ltd. reduced its stake in shares of Public Storage (NYSE:PSA) by 37.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,580 shares of the real estate investment trust’s stock after selling 1,570 shares during the period. Sompo Asset Management Co. Ltd.’s holdings in Public Storage were worth $742,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Gryphon Financial Partners LLC boosted its holdings in Public Storage by 2.5% in the fourth 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 during the last quarter. Brown Advisory Inc. lifted its stake in shares of Public Storage by 1.6% in the 4th quarter. Brown Advisory Inc. now owns 9,020 shares of the real estate investment trust’s stock valued at $2,751,000 after purchasing an additional 141 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Public Storage during the 4th quarter worth about $232,000. Coldstream Capital Management Inc. increased its position in Public Storage by 5.9% during the 4th quarter. Coldstream Capital Management Inc. now owns 1,576 shares of the real estate investment trust’s stock worth $481,000 after purchasing an additional 88 shares in the last quarter. Finally, Corient Private Wealth LLC raised its holdings in Public Storage by 11.2% in the fourth quarter. Corient Private Wealth LLC now owns 84,708 shares of the real estate investment trust’s stock valued at $25,836,000 after buying an additional 8,555 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Jefferies Financial Group boosted their price objective on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research note on Wednesday. Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target for the company. in a research report on Thursday, August 1st. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a research report on Monday, August 5th. Wolfe Research raised Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Finally, Royal Bank of Canada began coverage on Public Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 target price on the stock. One research analyst has rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $332.71.

Public Storage Trading Up 0.9 %

PSA opened at $361.72 on Friday. The stock has a market capitalization of $63.56 billion, a PE ratio of 32.85, a P/E/G ratio of 5.12 and a beta of 0.67. 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 has a 12-month low of $233.18 and a 12-month high of $366.29. The firm’s fifty day moving average price is $326.92 and its 200 day moving average price is $295.63.

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 analysts’ consensus estimates of $4.20 by ($1.54). The company 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 quarter last year, the company posted $4.28 EPS. As a group, research analysts expect that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders 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 dividend yield of 3.32%. Public Storage’s dividend payout ratio (DPR) is 108.99%.

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.