Clearbridge Investments LLC Cuts Stock Position in Public Storage (NYSE:PSA)

Clearbridge Investments LLC decreased its holdings in shares of Public Storage (NYSE:PSA) by 15.6% during the second quarter, HoldingsChannel reports. The institutional investor owned 729,274 shares of the real estate investment trust’s stock after selling 134,725 shares during the period. Clearbridge Investments LLC’s holdings in Public Storage were worth $209,776,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Heartland Bank & Trust Co increased its holdings in Public Storage by 4.5% in the 2nd quarter. Heartland Bank & Trust Co now owns 1,510 shares of the real estate investment trust’s stock worth $434,000 after acquiring an additional 65 shares in the last quarter. SPC Financial Inc. grew its position in shares of Public Storage by 14.0% in the second quarter. SPC Financial Inc. now owns 1,222 shares of the real estate investment trust’s stock valued at $352,000 after purchasing an additional 150 shares during the period. Advisory Alpha LLC increased its stake in shares of Public Storage by 29.1% during the second quarter. Advisory Alpha LLC now owns 1,291 shares of the real estate investment trust’s stock worth $372,000 after purchasing an additional 291 shares in the last quarter. Truist Financial Corp raised its position in shares of Public Storage by 4.6% during the 2nd quarter. Truist Financial Corp now owns 30,772 shares of the real estate investment trust’s stock worth $8,851,000 after purchasing an additional 1,361 shares during the last quarter. Finally, EP Wealth Advisors LLC raised its position in shares of Public Storage by 20.4% during the 2nd quarter. EP Wealth Advisors LLC now owns 2,747 shares of the real estate investment trust’s stock worth $790,000 after purchasing an additional 466 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Public Storage stock opened at $360.06 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. The stock has a market cap of $63.02 billion, a P/E ratio of 32.70, a PEG ratio of 5.02 and a beta of 0.67. The company has a 50-day moving average price of $334.80 and a 200 day moving average price of $299.46. Public Storage has a 12-month low of $233.18 and a 12-month high of $369.99.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The firm had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the business earned $4.28 EPS. The firm’s quarterly revenue was down 1.0% on a year-over-year basis. Sell-side analysts anticipate 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. Stockholders of record on Friday, September 13th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.33%. The ex-dividend date was Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Wall Street Analysts Forecast Growth

PSA has been the subject of several research reports. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Citigroup boosted their price target on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Barclays increased their price objective on Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a research note on Thursday, August 1st. Finally, Evercore ISI increased their target price 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. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and a consensus target price of $339.08.

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.