Public Storage (NYSE:PSA) Stock Holdings Lessened by True North Advisors LLC

True North Advisors LLC lowered its stake in shares of Public Storage (NYSE:PSA) by 12.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,120 shares of the real estate investment trust’s stock after selling 156 shares during the period. True North Advisors LLC’s holdings in Public Storage were worth $408,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of PSA. OFI Invest Asset Management acquired a new position in Public Storage during the second quarter worth $32,000. Opal Wealth Advisors LLC bought a new position in Public Storage in the 2nd quarter worth approximately $36,000. Riverview Trust Co bought a new stake in shares of Public Storage in the first quarter valued at approximately $37,000. Crewe Advisors LLC acquired a new position in shares of Public Storage in the 1st quarter worth approximately $39,000. Finally, EdgeRock Capital LLC bought a new position in shares of Public Storage during the 2nd quarter worth approximately $39,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on PSA. Wells Fargo & Company increased their price objective on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a research report on Thursday, August 1st. Barclays raised their price objective 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. Morgan Stanley boosted their target price on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Jefferies Financial Group raised their price target on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $337.36.

Public Storage Trading Up 0.4 %

PSA opened at $347.94 on Wednesday. The firm’s fifty day simple moving average is $339.80 and its 200 day simple moving average is $301.93. The stock has a market capitalization of $61.14 billion, a P/E ratio of 31.60, a P/E/G ratio of 5.01 and a beta of 0.68. 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.

Public Storage (NYSE:PSA) last released its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the business posted $4.28 EPS. The firm’s revenue for the quarter was down 1.0% on a year-over-year basis. As a group, research analysts anticipate that Public Storage will post 16.74 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 paid a $3.00 dividend. The ex-dividend date was Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.45%. Public Storage’s dividend payout ratio is 108.99%.

About Public Storage

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.