Seven Post Investment Office LP Sells 395 Shares of Public Storage (NYSE:PSA)

Seven Post Investment Office LP reduced its position in shares of Public Storage (NYSE:PSA) by 1.4% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 28,554 shares of the real estate investment trust’s stock after selling 395 shares during the quarter. Public Storage accounts for 1.5% of Seven Post Investment Office LP’s investment portfolio, making the stock its 14th biggest holding. Seven Post Investment Office LP’s holdings in Public Storage were worth $8,214,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Public Storage during the 4th quarter worth about $821,151,000. Daiwa Securities Group Inc. lifted its position in shares of Public Storage by 86.8% in 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 buying an additional 299,826 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Public Storage by 34.4% during the 1st 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 acquiring an additional 281,800 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of 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 acquiring an additional 219,391 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in Public Storage by 1.0% in 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. Institutional investors and hedge funds own 78.79% of the company’s stock.

Insider Buying and Selling at Public Storage

In other news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the transaction, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 11.00% of the company’s stock.

Public Storage Trading Up 1.3 %

PSA opened at $345.63 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. The stock has a market capitalization of $60.74 billion, a price-to-earnings ratio of 31.39, a P/E/G ratio of 5.69 and a beta of 0.67. The company has a 50-day simple moving average of $313.10 and a 200 day simple moving average of $290.38. Public Storage has a twelve month low of $233.18 and a twelve month high of $347.77.

Public Storage (NYSE:PSA) last released its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (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 the consensus estimate of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business’s revenue was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.28 EPS. Analysts predict that Public Storage will post 16.72 EPS for the current fiscal year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.47%. The ex-dividend date is Friday, September 13th. Public Storage’s dividend payout ratio is currently 108.99%.

Wall Street Analysts Forecast Growth

Several research firms have commented on PSA. Wells Fargo & Company upped 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. Scotiabank upped their price target 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, August 22nd. 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 research report on Friday, August 30th. Evercore ISI upped their target price on Public Storage from $330.00 to $334.00 and gave the company an “in-line” rating in a research report on Wednesday, August 28th. Finally, Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target for the company. in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus 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.