Sarasin & Partners LLP Trims Stake in Public Storage (NYSE:PSA)

Sarasin & Partners LLP reduced its position in Public Storage (NYSE:PSA) by 1.7% during the third quarter, HoldingsChannel.com reports. The firm owned 21,470 shares of the real estate investment trust’s stock after selling 376 shares during the period. Sarasin & Partners LLP’s holdings in Public Storage were worth $7,812,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. OFI Invest Asset Management bought a new position in shares of Public Storage during the second quarter valued at approximately $32,000. Opal Wealth Advisors LLC acquired a new stake in Public Storage in the second quarter valued at approximately $36,000. Riverview Trust Co acquired a new stake in Public Storage in the first quarter valued at approximately $37,000. Crewe Advisors LLC acquired a new stake in Public Storage in the first quarter valued at approximately $39,000. Finally, EdgeRock Capital LLC acquired a new stake in Public Storage in the second quarter valued at approximately $39,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Up 0.5 %

Shares of PSA traded up $1.69 during midday trading on Friday, reaching $343.76. The stock had a trading volume of 35,876 shares, compared to its average volume of 711,806. The company’s fifty day simple moving average is $341.68 and its two-hundred day simple moving average is $302.52. Public Storage has a 1-year low of $233.18 and a 1-year high of $369.99. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. The company has a market cap of $60.16 billion, a price-to-earnings ratio of 32.06, a PEG ratio of 4.90 and a beta of 0.68.

Public Storage (NYSE:PSA) last issued its 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 firm had revenue of $921.70 million during the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The firm’s revenue was down 1.0% on a year-over-year basis. During the same period in the previous year, the firm earned $4.28 EPS. Equities 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 was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.49%. The ex-dividend date was Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is 112.46%.

Analyst Ratings Changes

Several equities research analysts have recently commented on PSA shares. Royal Bank of Canada initiated coverage on shares of Public Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price objective for the company. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a research report on Thursday, August 1st. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Barclays increased their price target on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Finally, Bank of America cut shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target for the company. in a research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, seven have given 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, Public Storage has an average rating of “Moderate Buy” and an average target price of $337.36.

Public Storage 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.