Public Storage (NYSE:PSA) Shares Sold by Evermay Wealth Management LLC

Evermay Wealth Management LLC reduced its stake in shares of Public Storage (NYSE:PSA) by 6.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 460 shares of the real estate investment trust’s stock after selling 34 shares during the quarter. Evermay Wealth Management LLC’s holdings in Public Storage were worth $167,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Daiwa Securities Group Inc. grew its stake in shares of Public Storage by 86.8% during the first 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 in the last quarter. Canada Pension Plan Investment Board boosted its holdings in Public Storage by 34.4% in the first 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 stake in Public Storage by 4.2% during 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 in the last quarter. Vanguard Group Inc. increased its holdings in Public Storage by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after purchasing an additional 217,487 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Public Storage by 116.7% in the 2nd quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust’s stock valued at $111,077,000 after purchasing an additional 208,546 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently weighed in on PSA shares. Citigroup raised their price target on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Jefferies Financial Group boosted their target price on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Evercore ISI lowered their price objective on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Finally, Royal Bank of Canada assumed coverage on Public Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $341.43.

Public Storage Stock Performance

PSA stock opened at $335.49 on Thursday. Public Storage has a 1 year low of $233.18 and a 1 year high of $369.99. The stock has a market capitalization of $58.72 billion, a price-to-earnings ratio of 31.44, a PEG ratio of 4.74 and a beta of 0.68. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. The stock’s fifty day moving average is $348.12 and its two-hundred day moving average is $308.26.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The firm had revenue of $921.70 million during 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 firm’s revenue was down 1.0% on a year-over-year basis. During the same period last year, the business earned $4.28 EPS. On average, research analysts predict that Public Storage will post 16.73 EPS for the current year.

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.