Advocate Group LLC Reduces Stake in Public Storage (NYSE:PSA)

Advocate Group LLC reduced its holdings in Public Storage (NYSE:PSA) by 1.1% during the third quarter, Holdings Channel.com reports. The institutional investor owned 18,900 shares of the real estate investment trust’s stock after selling 213 shares during the quarter. Advocate Group LLC’s holdings in Public Storage were worth $6,877,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Public Storage by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock valued at $6,075,681,000 after purchasing an additional 217,487 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Public Storage by 4.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after buying an additional 219,391 shares during the period. APG Asset Management US Inc. raised its stake in Public Storage by 4.8% in the second quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock worth $623,485,000 after buying an additional 100,000 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in Public Storage by 8.6% in the second quarter. Canada Pension Plan Investment Board now owns 1,195,785 shares of the real estate investment trust’s stock worth $343,968,000 after buying an additional 95,080 shares in the last quarter. Finally, 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 buying an additional 173,975 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Performance

Shares of NYSE:PSA traded down $1.33 during mid-day trading on Thursday, reaching $346.63. 53,977 shares of the company traded hands, compared to its average volume of 712,209. Public Storage has a 52 week low of $233.18 and a 52 week high of $369.99. The firm has a market cap of $60.67 billion, a PE ratio of 31.61, a PEG ratio of 4.87 and a beta of 0.68. The company’s 50 day moving average price is $340.84 and its 200-day moving average price is $302.25. 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 (NYSE:PSA) last issued 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 the consensus estimate of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The company’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the company posted $4.28 EPS. On average, equities analysts expect that Public Storage will post 16.74 EPS for the current fiscal 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 yield of 3.46%. Public Storage’s payout ratio is 108.99%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on PSA shares. Royal Bank of Canada began coverage on Public Storage in a research report on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 target price for the company. Wells Fargo & Company increased their price objective on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Scotiabank boosted their target price on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. Morgan Stanley upped their target price 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, October 2nd. Finally, Barclays lifted their price target on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $337.36.

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.