Buck Wealth Strategies LLC Sells 15,757 Shares of Public Storage (NYSE:PSA)

Buck Wealth Strategies LLC reduced its stake in shares of Public Storage (NYSE:PSA) by 87.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,191 shares of the real estate investment trust’s stock after selling 15,757 shares during the quarter. Buck Wealth Strategies LLC’s holdings in Public Storage were worth $630,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in PSA. Core Wealth Advisors Inc. bought a new position in Public Storage in the fourth quarter worth about $30,000. OFI Invest Asset Management bought a new position in shares of Public Storage during the 2nd quarter worth approximately $32,000. Opal Wealth Advisors LLC purchased a new stake in Public Storage during the second quarter valued at approximately $36,000. ICA Group Wealth Management LLC acquired a new stake in Public Storage in the fourth quarter valued at approximately $37,000. Finally, Riverview Trust Co purchased a new position in Public Storage in the first quarter worth $37,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PSA. Truist Financial lowered Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a report on Thursday, August 1st. Citigroup raised their price target on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Evercore ISI increased their price objective on shares of Public Storage from $334.00 to $343.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Finally, Bank of America cut shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target for the company. in a report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $339.08.

Public Storage Stock Up 0.0 %

Shares of PSA opened at $356.64 on Friday. The company has a market capitalization of $62.42 billion, a price-to-earnings ratio of 32.39, a PEG ratio of 5.10 and a beta of 0.67. Public Storage has a 52 week low of $233.18 and a 52 week high of $366.80. The stock’s 50-day moving average price is $332.45 and its 200-day moving average price is $298.22. 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 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). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The firm had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. During the same period last year, the firm earned $4.28 earnings per share. 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 announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.36%. The ex-dividend date is Friday, September 13th. Public Storage’s payout ratio is currently 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.