Public Storage (NYSE:PSA) Shares Sold by Lighthouse Investment Partners LLC

Lighthouse Investment Partners LLC reduced its stake in Public Storage (NYSE:PSA) by 42.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 45,722 shares of the real estate investment trust’s stock after selling 34,278 shares during the period. Lighthouse Investment Partners LLC’s holdings in Public Storage were worth $13,152,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PSA. Gryphon Financial Partners LLC boosted its stake in Public Storage by 2.5% in the fourth quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock valued at $476,000 after acquiring an additional 38 shares during the period. Cambridge Investment Research Advisors Inc. boosted its position in shares of Public Storage by 14.7% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 17,708 shares of the real estate investment trust’s stock worth $5,401,000 after buying an additional 2,272 shares during the period. Orion Portfolio Solutions LLC boosted its position in shares of Public Storage by 51.0% during the fourth quarter. Orion Portfolio Solutions LLC now owns 7,106 shares of the real estate investment trust’s stock worth $2,133,000 after buying an additional 2,401 shares during the period. Stifel Financial Corp boosted its position in shares of Public Storage by 9.4% during the fourth quarter. Stifel Financial Corp now owns 61,847 shares of the real estate investment trust’s stock worth $18,868,000 after buying an additional 5,299 shares during the period. Finally, Treasurer of the State of North Carolina boosted its position in shares of Public Storage by 0.9% during the fourth quarter. Treasurer of the State of North Carolina now owns 73,518 shares of the real estate investment trust’s stock worth $22,423,000 after buying an additional 690 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PSA has been the subject of several analyst reports. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Barclays boosted their price objective on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Jefferies Financial Group upped their target price on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Wells Fargo & Company upped their target price on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, Evercore ISI upped their target price on Public Storage from $334.00 to $343.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus target price of $339.08.

Public Storage Price Performance

NYSE PSA opened at $356.52 on Friday. The stock has a market capitalization of $62.65 billion, a P/E ratio of 32.38, a P/E/G ratio of 5.14 and a beta of 0.67. Public Storage has a 1 year low of $233.18 and a 1 year high of $366.80. The business’s fifty day moving average is $331.35 and its two-hundred day moving average is $297.72. 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 (NYSE:PSA) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The company had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the prior year, the company posted $4.28 EPS. Public Storage’s quarterly revenue 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 fiscal year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a $3.00 dividend. The ex-dividend date is Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.37%. Public Storage’s payout ratio is currently 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.