Public Storage (NYSE:PSA) Stock Position Decreased by Sompo Asset Management Co. Ltd.

Sompo Asset Management Co. Ltd. decreased its holdings in shares of Public Storage (NYSE:PSA) by 37.8% during the 2nd quarter, Holdings Channel.com reports. The fund owned 2,580 shares of the real estate investment trust’s stock after selling 1,570 shares during the period. Sompo Asset Management Co. Ltd.’s holdings in Public Storage were worth $742,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of PSA. Summit Trail Advisors LLC lifted its holdings in shares of Public Storage by 20.7% in the 2nd quarter. Summit Trail Advisors LLC now owns 1,343 shares of the real estate investment trust’s stock worth $386,000 after purchasing an additional 230 shares during the last quarter. Chesapeake Wealth Management boosted its holdings in shares of Public Storage by 8.0% during the second quarter. Chesapeake Wealth Management now owns 1,505 shares of the real estate investment trust’s stock valued at $433,000 after acquiring an additional 111 shares during the period. Sei Investments Co. grew its position in shares of Public Storage by 1.6% during the second quarter. Sei Investments Co. now owns 274,471 shares of the real estate investment trust’s stock worth $78,952,000 after acquiring an additional 4,204 shares during the last quarter. Skandinaviska Enskilda Banken AB publ increased its holdings in shares of Public Storage by 7.3% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 33,085 shares of the real estate investment trust’s stock worth $9,517,000 after acquiring an additional 2,248 shares during the period. Finally, AE Wealth Management LLC lifted its position in Public Storage by 28.2% in the 2nd quarter. AE Wealth Management LLC now owns 3,065 shares of the real estate investment trust’s stock valued at $882,000 after purchasing an additional 675 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on PSA. Royal Bank of Canada initiated coverage on shares of 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. Evercore ISI lifted their target price on Public Storage from $334.00 to $343.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Citigroup increased their price target on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $332.71.

Public Storage Trading Up 0.9 %

NYSE PSA opened at $361.72 on Friday. The firm’s 50 day moving average price is $326.92 and its two-hundred day moving average price is $295.63. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. Public Storage has a twelve month low of $233.18 and a twelve month high of $366.29. The stock has a market cap of $63.56 billion, a price-to-earnings ratio of 32.85, a PEG ratio of 5.12 and a beta of 0.67.

Public Storage (NYSE:PSA) last posted its quarterly 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 business had revenue of $921.70 million for 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 firm’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period in the previous year, the firm posted $4.28 earnings per share. Equities analysts anticipate that Public Storage will post 16.73 EPS for the current year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date is Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is 108.99%.

Public Storage Company 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.