Clearbridge Investments LLC Sells 134,725 Shares of Public Storage (NYSE:PSA)

Clearbridge Investments LLC lowered its position in Public Storage (NYSE:PSA) by 15.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 729,274 shares of the real estate investment trust’s stock after selling 134,725 shares during the period. Clearbridge Investments LLC owned approximately 0.42% of Public Storage worth $209,776,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Heartland Bank & Trust Co increased its position in shares of Public Storage by 4.5% during the second quarter. Heartland Bank & Trust Co now owns 1,510 shares of the real estate investment trust’s stock worth $434,000 after purchasing an additional 65 shares in the last quarter. SPC Financial Inc. grew its stake in Public Storage by 14.0% during the 2nd quarter. SPC Financial Inc. now owns 1,222 shares of the real estate investment trust’s stock worth $352,000 after buying an additional 150 shares during the last quarter. Advisory Alpha LLC increased its position in Public Storage by 29.1% during the 2nd quarter. Advisory Alpha LLC now owns 1,291 shares of the real estate investment trust’s stock valued at $372,000 after buying an additional 291 shares in the last quarter. Truist Financial Corp raised its stake in Public Storage by 4.6% in the second quarter. Truist Financial Corp now owns 30,772 shares of the real estate investment trust’s stock valued at $8,851,000 after buying an additional 1,361 shares during the last quarter. Finally, EP Wealth Advisors LLC boosted its holdings in Public Storage by 20.4% in the second quarter. EP Wealth Advisors LLC now owns 2,747 shares of the real estate investment trust’s stock worth $790,000 after acquiring an additional 466 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Down 1.0 %

Shares of PSA opened at $360.06 on Wednesday. The stock’s 50-day moving average price is $334.80 and its 200-day moving average price is $299.46. 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 company has a market capitalization of $63.02 billion, a price-to-earnings ratio of 32.70, a PEG ratio of 5.02 and a beta of 0.67. Public Storage has a 52 week low of $233.18 and a 52 week high of $369.99.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The firm had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the previous year, the business earned $4.28 EPS. Public Storage’s revenue for the quarter was down 1.0% compared to the same quarter last year. On average, sell-side analysts predict that Public Storage will post 16.75 EPS for the current year.

Public Storage Dividend Announcement

The company also recently disclosed 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 of this dividend was Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.33%. Public Storage’s payout ratio is 108.99%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on PSA shares. Royal Bank of Canada began coverage on shares of Public Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price objective on the stock. Barclays raised their price target on shares of Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Citigroup lifted their price objective on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Jefferies Financial Group upped their target price on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Finally, Wells Fargo & Company lifted their price target on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $339.08.

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.