Public Storage (NYSE:PSA) Stock Position Trimmed by Biltmore Wealth Management LLC

Biltmore Wealth Management LLC decreased its position in Public Storage (NYSE:PSA) by 6.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,726 shares of the real estate investment trust’s stock after selling 120 shares during the period. Biltmore Wealth Management LLC’s holdings in Public Storage were worth $628,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the company. Global Assets Advisory LLC bought a new position in Public Storage in the 1st quarter worth approximately $7,319,000. Centersquare Investment Management LLC lifted its holdings in Public Storage by 17.2% in the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after purchasing an additional 173,975 shares during the period. Scarborough Advisors LLC bought a new position in Public Storage in the 4th quarter valued at about $4,701,000. Manning & Napier Advisors LLC acquired a new stake in shares of Public Storage in the 2nd quarter worth approximately $14,301,000. Finally, PGGM Investments boosted its holdings in shares of Public Storage by 8.0% in the second quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock valued at $48,162,000 after acquiring an additional 12,396 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Wolfe Research raised Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Royal Bank of Canada started coverage on Public Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 target price on the stock. Morgan Stanley boosted their price target on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Citigroup raised their price objective on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Jefferies Financial Group increased their target price on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $337.36.

Public Storage Stock Down 2.2 %

Public Storage stock traded down $7.60 during trading hours on Friday, hitting $345.40. The company had a trading volume of 823,083 shares, compared to its average volume of 718,850. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $369.99. 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 firm has a market capitalization of $60.70 billion, a P/E ratio of 31.36, a price-to-earnings-growth ratio of 5.02 and a beta of 0.68. The firm’s fifty day moving average is $338.05 and its 200-day moving average is $300.69.

Public Storage (NYSE:PSA) last released its quarterly earnings data 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 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 analyst estimates of $1.16 billion. During the same period in the previous year, the business posted $4.28 EPS. Public Storage’s revenue for the quarter was down 1.0% on a year-over-year basis. On average, research analysts forecast that Public Storage will post 16.75 earnings per share for the current year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend was Friday, September 13th. Public Storage’s dividend payout ratio is 108.99%.

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.