Public Storage (NYSE:PSA) Shares Sold by Rhumbline Advisers

Rhumbline Advisers cut its holdings in shares of Public Storage (NYSE:PSA) by 1.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 355,874 shares of the real estate investment trust’s stock after selling 5,850 shares during the period. Rhumbline Advisers owned approximately 0.20% of Public Storage worth $102,367,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Public Storage by 1.0% during the first 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 last quarter. Price T Rowe Associates Inc. MD raised its holdings 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 acquiring an additional 219,391 shares during the period. Norges Bank acquired a new stake in shares of Public Storage during the fourth quarter valued at approximately $821,151,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Public Storage by 8.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,687,170 shares of the real estate investment trust’s stock valued at $794,161,000 after acquiring an additional 216,331 shares during the period. Finally, APG Asset Management US Inc. raised its holdings in shares of Public Storage by 4.7% during the fourth quarter. APG Asset Management US Inc. now owns 2,074,617 shares of the real estate investment trust’s stock valued at $632,758,000 after acquiring an additional 93,122 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PSA has been the topic of a number of recent analyst reports. Evercore ISI boosted their price target on shares of Public Storage from $330.00 to $334.00 and gave the company an “in-line” rating in a report on Wednesday, August 28th. Wells Fargo & Company upped their price objective on shares of Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Citigroup upped their price objective on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Barclays upped their price objective on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Finally, Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $323.77.

Public Storage Trading Down 0.6 %

PSA opened at $341.68 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 capitalization of $59.80 billion, a PE ratio of 31.03, a PEG ratio of 5.69 and a beta of 0.67. Public Storage has a 1-year low of $233.18 and a 1-year high of $345.08. The firm has a 50-day moving average price of $309.73 and a two-hundred day moving average price of $289.19.

Public Storage (NYSE:PSA) last posted its quarterly earnings data 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 company had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The company’s revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.28 EPS. As a group, equities analysts anticipate that Public Storage will post 16.72 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.51%. The ex-dividend date is Friday, September 13th. Public Storage’s payout ratio is presently 108.99%.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $274.29, for a total value of $109,716.00. Following the transaction, the insider now owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 11.00% of the company’s stock.

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.