Susquehanna Fundamental Investments LLC Decreases Stake in Public Storage (NYSE:PSA)

Susquehanna Fundamental Investments LLC decreased its holdings in shares of Public Storage (NYSE:PSA) by 25.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,604 shares of the real estate investment trust’s stock after selling 3,000 shares during the quarter. Susquehanna Fundamental Investments LLC’s holdings in Public Storage were worth $2,475,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Stifel Financial Corp boosted its stake in Public Storage by 9.4% during the fourth quarter. Stifel Financial Corp now owns 61,847 shares of the real estate investment trust’s stock worth $18,868,000 after buying an additional 5,299 shares during the last quarter. Dorsey & Whitney Trust CO LLC purchased a new position in shares of Public Storage during the 4th quarter worth $322,000. Bank of Nova Scotia boosted its position in shares of Public Storage by 31.7% during the 4th quarter. Bank of Nova Scotia now owns 19,868 shares of the real estate investment trust’s stock valued at $6,059,000 after acquiring an additional 4,782 shares during the last quarter. Alberta Investment Management Corp boosted its position in shares of Public Storage by 48.6% during the 4th quarter. Alberta Investment Management Corp now owns 5,500 shares of the real estate investment trust’s stock valued at $1,678,000 after acquiring an additional 1,800 shares during the last quarter. Finally, Rathbones Group PLC grew its holdings in shares of Public Storage by 18.3% in the fourth quarter. Rathbones Group PLC now owns 5,151 shares of the real estate investment trust’s stock valued at $1,571,000 after purchasing an additional 795 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PSA shares. Evercore ISI lifted their target price on shares of Public Storage from $334.00 to $343.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Scotiabank lifted their price target 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. Jefferies Financial Group increased their price objective on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Wells Fargo & Company lifted their target price on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Finally, Royal Bank of Canada started coverage on Public Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus target price of $339.08.

Public Storage Stock Performance

Shares of Public Storage stock opened at $363.90 on Tuesday. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market capitalization of $63.95 billion, a price-to-earnings ratio of 33.05, a price-to-earnings-growth ratio of 5.10 and a beta of 0.67. The business has a 50-day moving average of $333.64 and a 200 day moving average of $298.87. Public Storage has a 12 month low of $233.18 and a 12 month high of $366.80.

Public Storage (NYSE:PSA) last posted its quarterly earnings data 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). 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 analysts’ expectations of $1.16 billion. During the same period in the previous year, the business posted $4.28 EPS. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Public Storage will post 16.75 earnings per share for the current year.

Public Storage Dividend Announcement

The firm 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 of this dividend was Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.30%. Public Storage’s dividend payout ratio (DPR) is 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.