Public Storage (NYSE:PSA) Shares Sold by Columbus Macro LLC

Columbus Macro LLC lessened its holdings in Public Storage (NYSE:PSA) by 5.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,120 shares of the real estate investment trust’s stock after selling 231 shares during the quarter. Columbus Macro LLC’s holdings in Public Storage were worth $1,482,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PSA. Petredis Investment Advisors LLC boosted its stake in Public Storage by 0.4% in the 3rd quarter. Petredis Investment Advisors LLC now owns 6,862 shares of the real estate investment trust’s stock worth $2,497,000 after purchasing an additional 30 shares in the last quarter. Signet Financial Management LLC lifted its holdings in shares of Public Storage by 2.1% in the 1st quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust’s stock valued at $555,000 after buying an additional 39 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Public Storage by 0.9% in the second quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust’s stock worth $1,201,000 after buying an additional 39 shares during the last quarter. Brookstone Capital Management grew its holdings in Public Storage by 3.4% during the first quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock worth $354,000 after acquiring an additional 40 shares during the period. Finally, Legacy Wealth Asset Management LLC raised its position in Public Storage by 3.5% during the first quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust’s stock valued at $357,000 after acquiring an additional 42 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Morgan Stanley raised 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. Truist Financial downgraded shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a research report on Thursday, August 1st. Citigroup raised their target price on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Royal Bank of Canada started coverage on Public Storage in a report on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price target for the company. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and a consensus target price of $337.00.

Public Storage Price Performance

PSA stock traded up $0.22 during midday trading on Friday, reaching $345.62. The stock had a trading volume of 368,942 shares, compared to its average volume of 708,650. Public Storage has a 52-week low of $233.18 and a 52-week high of $369.99. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. The company’s fifty day simple moving average is $345.72 and its 200 day simple moving average is $305.21. The company has a market cap of $60.73 billion, a price-to-earnings ratio of 31.39, a price-to-earnings-growth ratio of 4.84 and a beta of 0.68.

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). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The business had revenue of $921.70 million during the quarter, compared to analysts’ expectations of $1.16 billion. During the same period in the prior year, the business posted $4.28 earnings per share. The business’s quarterly revenue was down 1.0% on a year-over-year basis. As a group, sell-side analysts predict that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a $3.00 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.47%. Public Storage’s dividend payout ratio is presently 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.