Public Storage (NYSE:PSA) Shares Sold by Dearborn Partners LLC

Dearborn Partners LLC decreased its position in shares of Public Storage (NYSE:PSA) by 5.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,418 shares of the real estate investment trust’s stock after selling 136 shares during the quarter. Dearborn Partners LLC’s holdings in Public Storage were worth $696,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of PSA. Vanguard Group Inc. lifted its stake 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 valued at $6,075,681,000 after acquiring an additional 217,487 shares during the period. Price T Rowe Associates Inc. MD grew its position 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 worth $1,575,794,000 after purchasing an additional 219,391 shares during the period. Norges Bank purchased a new position in shares of Public Storage during the 4th quarter valued at about $821,151,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Public Storage by 8.8% in 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 buying an additional 216,331 shares during the last quarter. Finally, APG Asset Management US Inc. boosted its stake 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 last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on PSA. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target for the company. in a report on Monday, August 5th. Barclays increased their price target on shares of Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Wells Fargo & Company lifted their price objective on shares of Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a research note on Thursday, August 1st. Finally, Evercore ISI lifted their price target on Public Storage from $289.00 to $300.00 and gave the company an “in-line” rating in a research note on Monday, July 15th. One analyst has rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $316.42.

Public Storage Price Performance

Shares of NYSE:PSA traded up $1.83 during trading on Tuesday, reaching $341.49. The stock had a trading volume of 109,371 shares, compared to its average volume of 708,607. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. Public Storage has a 1-year low of $233.18 and a 1-year high of $342.99. The stock has a market cap of $60.01 billion, a PE ratio of 30.85, a PEG ratio of 5.28 and a beta of 0.65. The business has a fifty day moving average price of $303.60 and a 200-day moving average price of $286.63.

Public Storage (NYSE:PSA) last announced its earnings results 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). The business had revenue of $921.70 million for 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 company’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period last year, the firm earned $4.28 EPS. On average, equities analysts forecast that Public Storage will post 16.74 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business 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. This represents a $12.00 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is currently 108.99%.

Insider Buying and Selling at Public Storage

In other news, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the transaction, the insider now 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 available at this hyperlink. 11.00% of the stock is owned by company insiders.

Public Storage Company 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.