1832 Asset Management L.P. Sells 183 Shares of Public Storage (NYSE:PSA)

1832 Asset Management L.P. decreased its holdings in shares of Public Storage (NYSE:PSA) by 0.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 70,511 shares of the real estate investment trust’s stock after selling 183 shares during the quarter. 1832 Asset Management L.P.’s holdings in Public Storage were worth $20,282,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PSA. Frank Rimerman Advisors LLC boosted its position in shares of Public Storage by 34,085.7% in the second quarter. Frank Rimerman Advisors LLC now owns 2,393 shares of the real estate investment trust’s stock valued at $688,000 after acquiring an additional 2,386 shares during the period. ProShare Advisors LLC raised its stake in Public Storage by 5.6% during the 2nd quarter. ProShare Advisors LLC now owns 33,091 shares of the real estate investment trust’s stock valued at $9,519,000 after purchasing an additional 1,762 shares during the last quarter. Profund Advisors LLC boosted its holdings in Public Storage by 2.7% in the 2nd quarter. Profund Advisors LLC now owns 2,517 shares of the real estate investment trust’s stock valued at $724,000 after purchasing an additional 66 shares during the period. Alaethes Wealth LLC grew its position in Public Storage by 9.2% in the 2nd quarter. Alaethes Wealth LLC now owns 3,517 shares of the real estate investment trust’s stock worth $1,012,000 after purchasing an additional 295 shares during the last quarter. Finally, Westwood Holdings Group Inc. increased its holdings in shares of Public Storage by 6.3% during the 2nd quarter. Westwood Holdings Group Inc. now owns 79,038 shares of the real estate investment trust’s stock worth $22,735,000 after purchasing an additional 4,655 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

PSA has been the subject of several research reports. Wells Fargo & Company increased their target price on shares of Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Wolfe Research raised Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Scotiabank upped 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. Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price for the company. in a research report on Thursday, August 1st. Finally, Citigroup boosted their price target on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $339.08.

Public Storage Trading Up 0.9 %

Shares of PSA stock opened at $365.01 on Tuesday. The company has a market capitalization of $64.14 billion, a P/E ratio of 33.15, a P/E/G ratio of 5.12 and a beta of 0.67. Public Storage has a 12-month low of $233.18 and a 12-month high of $366.29. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. The firm has a 50-day moving average price of $328.18 and a 200 day moving average price of $296.38.

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 for the quarter, missing the consensus estimate of $4.20 by ($1.54). The firm had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The business’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period in the previous year, the business posted $4.28 EPS. Research analysts forecast that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s dividend payout ratio is currently 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.