Public Storage (NYSE:PSA) Shares Sold by Susquehanna Portfolio Strategies LLC

Susquehanna Portfolio Strategies LLC lowered its stake in shares of Public Storage (NYSE:PSA) by 0.3% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 107,902 shares of the real estate investment trust’s stock after selling 348 shares during the period. Public Storage makes up approximately 1.3% of Susquehanna Portfolio Strategies LLC’s investment portfolio, making the stock its 15th largest position. Susquehanna Portfolio Strategies LLC’s holdings in Public Storage were worth $31,038,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in PSA. The Manufacturers Life Insurance Company increased its stake in Public Storage by 4.2% during the fourth quarter. The Manufacturers Life Insurance Company now owns 129,091 shares of the real estate investment trust’s stock worth $39,373,000 after purchasing an additional 5,239 shares during the period. Global Assets Advisory LLC purchased a new stake in Public Storage during the 1st quarter worth approximately $7,319,000. Centersquare Investment Management LLC lifted its holdings in Public Storage by 17.2% during the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after buying an additional 173,975 shares in the last quarter. Scarborough Advisors LLC purchased a new position in Public Storage in the 4th quarter valued at approximately $4,701,000. Finally, KBC Group NV grew its stake in shares of Public Storage by 47.4% in the fourth quarter. KBC Group NV now owns 60,928 shares of the real estate investment trust’s stock worth $18,583,000 after acquiring an additional 19,598 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

PSA has been the topic of several analyst reports. Citigroup increased their price objective on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Royal Bank of Canada assumed coverage on Public Storage in a research report on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price target on the stock. Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a research note on Monday, August 5th. Wells Fargo & Company lifted their price target on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Finally, Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and an average price target of $339.08.

Public Storage Price Performance

Shares of NYSE:PSA opened at $356.66 on Friday. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. Public Storage has a 12 month low of $233.18 and a 12 month high of $366.80. The firm has a market capitalization of $62.42 billion, a P/E ratio of 32.39, a P/E/G ratio of 5.10 and a beta of 0.67. The company’s fifty day moving average price is $332.45 and its 200 day moving average price is $298.17.

Public Storage (NYSE:PSA) last posted its earnings results 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 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 revenue for the quarter was down 1.0% on a year-over-year basis. During the same period in the previous year, the firm posted $4.28 earnings per share. As a group, sell-side analysts predict that Public Storage will post 16.75 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders 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 3.36%. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Public Storage 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.