Public Storage (NYSE:PSA) Shares Sold by Hoylecohen LLC

Hoylecohen LLC reduced its holdings in Public Storage (NYSE:PSA) by 3.1% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 1,506 shares of the real estate investment trust’s stock after selling 48 shares during the quarter. Hoylecohen LLC’s holdings in Public Storage were worth $433,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. EverSource Wealth Advisors LLC boosted its holdings in Public Storage by 107.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 44 shares in the last quarter. Core Wealth Advisors Inc. purchased a new stake in shares of Public Storage during the 4th quarter worth approximately $30,000. EdgeRock Capital LLC acquired a new stake in shares of Public Storage in the 4th quarter worth approximately $32,000. Opal Wealth Advisors LLC purchased a new position in shares of Public Storage in the second quarter valued at $36,000. Finally, ICA Group Wealth Management LLC acquired a new position in shares of Public Storage during the 4th quarter worth $37,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PSA has been the topic of several recent research reports. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a research report on Thursday, August 1st. Barclays reduced their price target on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a report on Monday, May 20th. Scotiabank dropped their price objective on shares of Public Storage from $314.00 to $308.00 and set a “sector perform” rating for the company in a research note on Wednesday, August 7th. Bank of America downgraded 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. Finally, Wells Fargo & Company increased their target price on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Public Storage currently has an average rating of “Hold” and an average target price of $309.92.

Public Storage Trading Up 0.7 %

Shares of PSA stock traded up $2.18 during mid-day trading on Friday, hitting $319.41. 554,949 shares of the company’s stock were exchanged, compared to its average volume of 757,893. The stock has a market cap of $55.90 billion, a price-to-earnings ratio of 29.01, a PEG ratio of 5.30 and a beta of 0.65. 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 fifty-two week low of $233.18 and a fifty-two week high of $322.72. The stock has a 50-day simple moving average of $297.29 and a two-hundred day simple moving average of $284.48.

Public Storage (NYSE:PSA) last released its earnings results 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 company 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%. Public Storage’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.28 earnings per share. Equities analysts expect that Public Storage will post 16.74 EPS for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid 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 3.76%. Public Storage’s dividend payout ratio is currently 108.99%.

Insider Transactions at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following the transaction, the insider now directly owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 11.00% of the company’s stock.

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.