Adams Diversified Equity Fund Inc. Sells 10,000 Shares of Public Storage (NYSE:PSA)

Adams Diversified Equity Fund Inc. reduced its stake in shares of Public Storage (NYSE:PSA) by 17.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 48,400 shares of the real estate investment trust’s stock after selling 10,000 shares during the period. Adams Diversified Equity Fund Inc.’s holdings in Public Storage were worth $17,611,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Petredis Investment Advisors LLC boosted its holdings in Public Storage by 0.4% in the 3rd quarter. Petredis Investment Advisors LLC now owns 6,862 shares of the real estate investment trust’s stock worth $2,497,000 after buying an additional 30 shares during the period. Yoder Wealth Management Inc. boosted its holdings in Public Storage by 5.0% in the 3rd quarter. Yoder Wealth Management Inc. now owns 763 shares of the real estate investment trust’s stock worth $278,000 after buying an additional 36 shares during the period. Assenagon Asset Management S.A. boosted its holdings in Public Storage by 0.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust’s stock worth $1,201,000 after buying an additional 39 shares during the period. Brookstone Capital Management boosted its holdings in Public Storage by 3.4% in the 1st quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock worth $354,000 after buying an additional 40 shares during the period. Finally, Legacy Wealth Asset Management LLC boosted its holdings in Public Storage by 3.5% in the 1st quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust’s stock worth $357,000 after buying an additional 42 shares during the period. 78.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

PSA has been the subject of several analyst reports. Citigroup raised their price objective on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Scotiabank increased their target price on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 22nd. Jefferies Financial Group increased their target price on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Barclays increased their target price on shares of Public Storage from $374.00 to $381.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Morgan Stanley increased their target price on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $341.43.

Public Storage Price Performance

Shares of NYSE:PSA opened at $331.26 on Wednesday. The stock has a market cap of $57.98 billion, a PE ratio of 31.05, a PEG ratio of 4.74 and a beta of 0.68. The company’s fifty day moving average is $347.97 and its 200 day moving average is $308.07. Public Storage has a 52 week low of $233.18 and a 52 week high of $369.99. 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 (NYSE:PSA) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The business had revenue of $921.70 million during the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. 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 business earned $4.28 EPS. Research analysts anticipate that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date was Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is presently 112.46%.

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.