DekaBank Deutsche Girozentrale Has $37.45 Million Stake in Public Storage (NYSE:PSA)

DekaBank Deutsche Girozentrale lowered its stake in Public Storage (NYSE:PSA) by 2.0% in the second quarter, Holdings Channel reports. The fund owned 131,544 shares of the real estate investment trust’s stock after selling 2,625 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Public Storage were worth $37,447,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in PSA. EverSource Wealth Advisors LLC boosted its position in Public Storage by 107.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 44 shares in the last quarter. Core Wealth Advisors Inc. bought a new stake in Public Storage during the 4th quarter worth $30,000. OFI Invest Asset Management acquired a new position in Public Storage in the 2nd quarter worth about $32,000. ICA Group Wealth Management LLC bought a new position in Public Storage in the fourth quarter valued at about $37,000. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of Public Storage during the second quarter valued at about $36,000. 78.79% of the stock is owned by institutional investors.

Public Storage Trading Up 0.8 %

NYSE PSA opened at $359.16 on Friday. The stock has a market capitalization of $62.86 billion, a P/E ratio of 32.62, a P/E/G ratio of 5.07 and a beta of 0.67. The business has a 50 day simple moving average of $320.20 and a 200 day simple moving average of $293.02. 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 has a one year low of $233.18 and a one year high of $361.23.

Public Storage (NYSE:PSA) last announced 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 return on equity of 36.55% and a net margin of 44.88%. The company had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. During the same period last year, the business earned $4.28 EPS. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. Research analysts expect that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a dividend of $3.00 per share. The ex-dividend date is Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.34%. Public Storage’s dividend payout ratio is currently 108.99%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a research note on Monday, August 5th. Citigroup lifted their price target on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Wells Fargo & Company increased their price objective on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Wolfe Research raised Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Finally, Royal Bank of Canada initiated coverage on Public Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price target for the company. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $325.15.

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.