Sound Income Strategies LLC Sells 99 Shares of Public Storage (NYSE:PSA)

Sound Income Strategies LLC decreased its holdings in Public Storage (NYSE:PSA) by 17.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 467 shares of the real estate investment trust’s stock after selling 99 shares during the period. Sound Income Strategies LLC’s holdings in Public Storage were worth $170,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. 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 during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Public Storage by 4.2% during 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 buying an additional 219,391 shares during the period. APG Asset Management US Inc. raised its stake in Public Storage by 4.8% during the second quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock worth $623,485,000 after buying an additional 100,000 shares during the last quarter. Canada Pension Plan Investment Board lifted its holdings in Public Storage by 8.6% in the second quarter. Canada Pension Plan Investment Board now owns 1,195,785 shares of the real estate investment trust’s stock valued at $343,968,000 after buying an additional 95,080 shares during the period. Finally, Centersquare Investment Management LLC raised its position in shares of 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 acquiring an additional 173,975 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Trading Up 0.2 %

NYSE:PSA opened at $342.83 on Monday. Public Storage has a one year low of $233.18 and a one year high of $369.99. The company’s 50-day simple moving average is $342.30 and its 200 day simple moving average is $303.29. The firm has a market capitalization of $60.00 billion, a P/E ratio of 32.13, a PEG ratio of 4.82 and a beta of 0.68. 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 posted 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 return on equity of 36.55% and a net margin of 44.88%. The company had revenue of $921.70 million during the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the previous year, the company earned $4.28 EPS. The business’s quarterly revenue was down 1.0% on a year-over-year basis. As a group, analysts forecast that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.50%. The ex-dividend date of this dividend was Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is presently 112.46%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Morgan Stanley boosted their price objective on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Wells Fargo & Company raised their price objective on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price for the company. in a research note on Monday, August 5th. Evercore ISI lifted their price target on Public Storage from $334.00 to $343.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Finally, Jefferies Financial Group increased their target price on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $337.36.

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.