Calamos Advisors LLC Lowers Position in Public Storage (NYSE:PSA)

Calamos Advisors LLC trimmed its holdings in Public Storage (NYSE:PSA) by 3.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,680 shares of the real estate investment trust’s stock after selling 1,229 shares during the quarter. Calamos Advisors LLC’s holdings in Public Storage were worth $9,688,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank bought a new position in shares of Public Storage in the 4th quarter worth approximately $821,151,000. Daiwa Securities Group Inc. increased its position in 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 during the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of 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 worth $319,270,000 after buying an additional 281,800 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Public Storage by 4.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock worth $1,575,794,000 after purchasing an additional 219,391 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of 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 acquiring an additional 217,487 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Insiders Place Their Bets

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

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Barclays boosted their target price on shares of Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a report on Thursday. Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a research note on Monday, August 5th. Wells Fargo & Company increased their price target on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Scotiabank boosted their target price on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday. Finally, Truist Financial cut 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. One equities research 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. According to data from MarketBeat, Public Storage has an average rating of “Hold” and an average price target of $316.42.

Public Storage Stock Up 2.3 %

Shares of NYSE PSA traded up $7.70 during midday trading on Friday, reaching $340.94. The company’s stock had a trading volume of 548,286 shares, compared to its average volume of 713,986. The stock has a 50 day simple moving average of $302.49 and a 200-day simple moving average of $286.24. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $341.71. 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 stock has a market capitalization of $59.91 billion, a price-to-earnings ratio of 30.97, a PEG ratio of 5.28 and a beta of 0.65.

Public Storage (NYSE:PSA) last released 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 net margin of 44.88% and a return on equity of 36.55%. The company had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the prior year, the company earned $4.28 earnings per share. The firm’s revenue was down 1.0% compared to the same quarter last year. Equities research analysts predict that Public Storage will post 16.74 earnings per share for the current 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. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.52%. Public Storage’s dividend payout ratio is currently 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.