abrdn plc Has $87.52 Million Holdings in Public Storage (NYSE:PSA)

abrdn plc trimmed its stake in shares of Public Storage (NYSE:PSA) by 6.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 242,937 shares of the real estate investment trust’s stock after selling 17,165 shares during the period. abrdn plc owned approximately 0.14% of Public Storage worth $87,519,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. OFI Invest Asset Management acquired a new position in shares of Public Storage during the second quarter valued at $32,000. Opal Wealth Advisors LLC acquired a new position in Public Storage during the 2nd quarter worth approximately $36,000. Crewe Advisors LLC bought a new position in shares of Public Storage during the 1st quarter worth approximately $39,000. EdgeRock Capital LLC acquired a new stake in shares of Public Storage in the second quarter valued at approximately $39,000. Finally, LRI Investments LLC bought a new stake in shares of Public Storage in the first quarter worth $40,000. 78.79% of the stock is owned by institutional investors.

Public Storage Stock Down 1.6 %

Shares of NYSE PSA opened at $331.26 on Wednesday. The company has a 50 day simple moving average of $347.97 and a 200 day simple moving average of $308.07. 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 has a 1 year low of $233.18 and a 1 year high of $369.99. The firm has a market cap of $57.98 billion, a PE ratio of 31.05, a price-to-earnings-growth ratio of 4.74 and a beta of 0.68.

Public Storage (NYSE:PSA) last posted 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 net margin of 44.88% and a return on equity of 36.55%. The company had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the previous year, the company earned $4.28 earnings per share. The business’s revenue for the quarter was down 1.0% on a year-over-year basis. On average, research analysts forecast that Public Storage will post 16.73 EPS for the current year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date was Friday, September 13th. Public Storage’s dividend payout ratio is currently 112.46%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Barclays boosted their target price on shares of Public Storage from $374.00 to $381.00 and gave the stock an “overweight” rating in a report on Monday. Morgan Stanley lifted their target price on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Royal Bank of Canada began coverage on Public Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price target for the company. Finally, Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a report on Monday, August 5th. One 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 company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $341.43.

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.