Hendershot Investments Inc. Trims Stock Position in Public Storage (NYSE:PSA)

Hendershot Investments Inc. cut its stake in Public Storage (NYSE:PSA) by 7.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,327 shares of the real estate investment trust’s stock after selling 261 shares during the period. Hendershot Investments Inc.’s holdings in Public Storage were worth $957,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of PSA. Vanguard Group Inc. boosted its position 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 purchasing an additional 217,487 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake 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 acquiring an additional 219,391 shares during the last quarter. Norges Bank bought a new position in shares of Public Storage during the fourth quarter valued at $821,151,000. APG Asset Management US Inc. raised its position in shares of Public Storage by 4.7% in the 4th 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 purchasing an additional 93,122 shares during the last quarter. Finally, Centersquare Investment Management LLC boosted its stake in Public Storage by 17.2% in the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after purchasing an additional 173,975 shares in the last quarter. 78.79% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was 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 in the company, valued at $881,568.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 11.00% of the company’s stock.

Public Storage Stock Performance

Shares of NYSE PSA opened at $341.17 on Friday. The stock has a market cap of $59.71 billion, a PE ratio of 30.99, a price-to-earnings-growth ratio of 5.69 and a beta of 0.67. Public Storage has a 1 year low of $233.18 and a 1 year high of $347.77. The firm has a fifty day moving average price of $311.94 and a 200-day moving average price of $289.93. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93.

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). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The business had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the company earned $4.28 EPS. The business’s revenue was down 1.0% on a year-over-year basis. Equities analysts anticipate that Public Storage will post 16.72 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business also recently announced 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 is Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.52%. Public Storage’s dividend payout ratio is 108.99%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PSA. Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a research note on Monday, August 5th. Barclays boosted their price target on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Scotiabank increased their price objective on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. Evercore ISI boosted their target price on Public Storage from $330.00 to $334.00 and gave the stock an “in-line” rating in a research report on Wednesday, August 28th. Finally, Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and an average target price of $323.77.

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.