Brighton Jones LLC Sells 179 Shares of Public Storage (NYSE:PSA)

Brighton Jones LLC lessened its holdings in Public Storage (NYSE:PSA) by 8.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,900 shares of the real estate investment trust’s stock after selling 179 shares during the quarter. Brighton Jones LLC’s holdings in Public Storage were worth $691,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Public Storage by 1.0% in the 1st 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 boosted its stake in shares of Public Storage by 4.2% in the 1st 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 purchasing an additional 219,391 shares during the last quarter. APG Asset Management US Inc. raised its position in shares of Public Storage by 4.8% in the 2nd quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock valued at $623,485,000 after acquiring an additional 100,000 shares during the period. Canada Pension Plan Investment Board raised its position in shares of Public Storage by 8.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,195,785 shares of the real estate investment trust’s stock valued at $343,968,000 after acquiring an additional 95,080 shares during the period. Finally, Centersquare Investment Management LLC raised its position in shares of Public Storage by 17.2% in the 1st 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 acquiring an additional 173,975 shares during the period. Institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

NYSE PSA opened at $336.32 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. Public Storage has a 12-month low of $233.18 and a 12-month high of $369.99. The company has a market capitalization of $58.86 billion, a PE ratio of 31.52, a price-to-earnings-growth ratio of 4.72 and a beta of 0.68. The firm’s 50 day moving average is $347.24 and its 200-day moving average is $306.57.

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 (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter last year, the business earned $4.28 earnings per share. Public Storage’s revenue for the quarter was down 1.0% on a year-over-year basis. Equities research analysts anticipate that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a $3.00 dividend. The ex-dividend date was Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.57%. Public Storage’s dividend payout ratio (DPR) is presently 112.46%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Wells Fargo & Company increased their price target on shares of Public Storage from $320.00 to $375.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Citigroup increased their price target on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Scotiabank increased their price target on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. Finally, Morgan Stanley increased their price target on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $340.93.

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.