Evergreen Capital Management LLC Sells 47 Shares of Public Storage (NYSE:PSA)

Evergreen Capital Management LLC cut its position in Public Storage (NYSE:PSA) by 6.1% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 721 shares of the real estate investment trust’s stock after selling 47 shares during the period. Evergreen Capital Management LLC’s holdings in Public Storage were worth $207,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Daiwa Securities Group Inc. grew its position in shares of Public Storage by 86.8% in the 1st quarter. Daiwa Securities Group Inc. now owns 645,168 shares of the real estate investment trust’s stock valued at $187,137,000 after acquiring an additional 299,826 shares during the period. Canada Pension Plan Investment Board lifted its stake in Public Storage by 34.4% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock valued at $319,270,000 after purchasing an additional 281,800 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in 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 worth $1,575,794,000 after purchasing an additional 219,391 shares during the period. Vanguard Group Inc. increased its position 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 worth $6,075,681,000 after buying an additional 217,487 shares during the last quarter. Finally, Centersquare Investment Management LLC raised its stake 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 valued at $343,573,000 after buying an additional 173,975 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on PSA shares. Scotiabank lifted their target price on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 22nd. 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 report on Thursday, August 22nd. Evercore ISI increased their price objective on shares of Public Storage from $334.00 to $343.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Wells Fargo & Company upped their price target 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. Finally, Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a research report on Monday, August 5th. 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. According to MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and a consensus price target of $339.08.

Public Storage Stock Performance

PSA opened at $356.64 on Friday. 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 52-week low of $233.18 and a 52-week high of $366.80. The firm has a market cap of $62.42 billion, a P/E ratio of 32.39, a price-to-earnings-growth ratio of 5.10 and a beta of 0.67. The business’s fifty day moving average is $332.45 and its 200-day moving average is $298.22.

Public Storage (NYSE:PSA) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The firm had revenue of $921.70 million for the quarter, compared to analyst estimates 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 quarter in the previous year, the company earned $4.28 earnings per share. Sell-side analysts expect that Public Storage will post 16.75 EPS for the current fiscal year.

Public Storage Announces Dividend

The company 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 dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 annualized dividend and a yield of 3.36%. Public Storage’s dividend 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.