Public Storage (NYSE:PSA) Shares Sold by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. reduced its position in Public Storage (NYSE:PSA) by 11.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,615 shares of the real estate investment trust’s stock after selling 446 shares during the period. Sumitomo Life Insurance Co.’s holdings in Public Storage were worth $1,040,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its position in Public Storage by 1.0% during the first 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 buying an additional 217,487 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in 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 in the last quarter. Norges Bank purchased a new position in Public Storage in the fourth quarter valued at about $821,151,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Public Storage by 8.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,687,170 shares of the real estate investment trust’s stock worth $794,161,000 after purchasing an additional 216,331 shares in the last quarter. Finally, APG Asset Management US Inc. boosted its position in shares of Public Storage by 4.7% in the fourth quarter. APG Asset Management US Inc. now owns 2,074,617 shares of the real estate investment trust’s stock worth $632,758,000 after buying an additional 93,122 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on PSA shares. Wells Fargo & Company raised 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. Barclays dropped their price objective on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research note on Monday, May 20th. Evercore ISI upped their target price on shares of Public Storage from $289.00 to $300.00 and gave the company an “in-line” rating in a research note on Monday, July 15th. Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target on the stock. in a research note on Monday, August 5th. Finally, Scotiabank decreased 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 report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Public Storage currently has a consensus rating of “Hold” and an average target price of $309.92.

Public Storage Stock Performance

NYSE:PSA traded up $2.18 during trading hours on Friday, reaching $319.41. 554,949 shares of the stock were exchanged, compared to its average volume of 757,893. The stock has a market capitalization of $55.90 billion, a P/E ratio of 29.01, a P/E/G ratio of 5.30 and a beta of 0.65. The firm has a 50 day simple moving average of $297.29 and a 200-day simple moving average of $284.48. 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 52 week low of $233.18 and a 52 week high of $322.72.

Public Storage (NYSE:PSA) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) 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 firm had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the business earned $4.28 earnings per share. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Public Storage will post 16.74 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.76%. The ex-dividend date is Friday, September 13th. Public Storage’s dividend payout ratio is presently 108.99%.

Insider Buying and Selling

In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of Public Storage 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 completion of the transaction, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 11.00% of the stock is owned by company insiders.

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.