Public Storage (NYSE:PSA) Shares Sold by Amalgamated Bank

Amalgamated Bank cut its stake in shares of Public Storage (NYSE:PSA) by 4.2% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 32,263 shares of the real estate investment trust’s stock after selling 1,422 shares during the period. Amalgamated Bank’s holdings in Public Storage were worth $9,280,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the stock. Gryphon Financial Partners LLC raised its position in shares of Public Storage by 2.5% during the 4th quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock worth $476,000 after purchasing an additional 38 shares during the last quarter. Independent Advisor Alliance acquired a new position in shares of Public Storage during the fourth quarter valued at approximately $219,000. Brown Advisory Inc. lifted its position in shares of Public Storage by 1.6% in the fourth quarter. Brown Advisory Inc. now owns 9,020 shares of the real estate investment trust’s stock valued at $2,751,000 after acquiring an additional 141 shares in the last quarter. ING Groep NV lifted its position in shares of Public Storage by 207.7% in the fourth quarter. ING Groep NV now owns 2,665 shares of the real estate investment trust’s stock valued at $813,000 after acquiring an additional 1,799 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Public Storage in the fourth quarter worth approximately $232,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently commented on the company. Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a research note on Thursday, August 1st. Scotiabank increased their target price 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. Barclays boosted their price target on shares of Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Wells Fargo & Company increased their price objective on shares of Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, Royal Bank of Canada began coverage on shares of Public Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $332.71.

Public Storage Price Performance

PSA stock opened at $360.72 on Thursday. Public Storage has a 52-week low of $233.18 and a 52-week high of $366.29. The business has a fifty day moving average of $324.49 and a two-hundred day moving average of $294.65. The stock has a market cap of $63.39 billion, a price-to-earnings ratio of 32.76, a price-to-earnings-growth ratio of 5.06 and a beta of 0.67. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72.

Public Storage (NYSE:PSA) last issued 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 analysts’ expectations of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The firm’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the firm posted $4.28 earnings per share. As a group, research analysts anticipate that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a dividend of $3.00 per share. 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 3.33%. Public Storage’s payout ratio is currently 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.