Benjamin Edwards Inc. Sells 1,646 Shares of Public Storage (NYSE:PSA)

Benjamin Edwards Inc. lowered its stake in Public Storage (NYSE:PSA) by 44.1% during the 2nd quarter, Holdings Channel reports. The firm owned 2,084 shares of the real estate investment trust’s stock after selling 1,646 shares during the quarter. Benjamin Edwards Inc.’s holdings in Public Storage were worth $600,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Benjamin F. Edwards & Company Inc. increased its holdings in shares of Public Storage by 10.1% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 8,248 shares of the real estate investment trust’s stock worth $2,372,000 after purchasing an additional 758 shares during the last quarter. Ieq Capital LLC grew its holdings in Public Storage by 7.3% during the 2nd quarter. Ieq Capital LLC now owns 13,695 shares of the real estate investment trust’s stock valued at $3,939,000 after buying an additional 934 shares in the last quarter. Brighton Jones LLC increased its stake in Public Storage by 35.4% in the 2nd quarter. Brighton Jones LLC now owns 2,079 shares of the real estate investment trust’s stock worth $598,000 after acquiring an additional 543 shares during the last quarter. Inspire Investing LLC raised its holdings in shares of Public Storage by 161.6% during the 2nd quarter. Inspire Investing LLC now owns 4,709 shares of the real estate investment trust’s stock worth $1,355,000 after acquiring an additional 2,909 shares in the last quarter. Finally, XTX Topco Ltd boosted its position in shares of Public Storage by 173.3% during the 2nd quarter. XTX Topco Ltd now owns 1,905 shares of the real estate investment trust’s stock valued at $548,000 after acquiring an additional 1,208 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

PSA stock opened at $361.72 on Friday. Public Storage has a twelve month low of $233.18 and a twelve month high of $366.29. The firm has a market cap of $63.56 billion, a price-to-earnings ratio of 32.85, a PEG ratio of 5.12 and a beta of 0.67. The business’s fifty day simple moving average is $326.92 and its two-hundred day simple moving average is $295.63. 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 posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 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 return on equity of 36.55% and a net margin of 44.88%. The company’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the business earned $4.28 EPS. Analysts predict that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 annualized dividend and a yield of 3.32%. Public Storage’s dividend payout ratio (DPR) is currently 108.99%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Jefferies Financial Group upped their price target on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday. Evercore ISI increased their price target on shares of Public Storage from $334.00 to $343.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Barclays boosted their price objective on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Wells Fargo & Company raised their price objective on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and an average price target of $332.71.

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.