Plato Investment Management Ltd Sells 135 Shares of Public Storage (NYSE:PSA)

Plato Investment Management Ltd lowered its position in shares of Public Storage (NYSE:PSA) by 2.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,993 shares of the real estate investment trust’s stock after selling 135 shares during the quarter. Plato Investment Management Ltd’s holdings in Public Storage were worth $1,724,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its holdings in shares of Public Storage by 107.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 44 shares in the last quarter. Core Wealth Advisors Inc. acquired a new stake in Public Storage during the 4th quarter valued at $30,000. OFI Invest Asset Management bought a new position in Public Storage in the 2nd quarter valued at $32,000. ICA Group Wealth Management LLC acquired a new position in Public Storage in the fourth quarter worth $37,000. Finally, Opal Wealth Advisors LLC bought a new stake in shares of Public Storage during the second quarter worth $36,000. 78.79% of the stock is owned by institutional investors.

Public Storage Stock Performance

Shares of PSA stock opened at $359.16 on Monday. The stock has a market cap of $63.11 billion, a PE ratio of 32.62, a price-to-earnings-growth ratio of 5.06 and a beta of 0.67. The stock has a 50-day moving average of $320.20 and a 200-day moving average of $293.11. 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 one year low of $233.18 and a one year high of $361.23.

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 the consensus estimate of $4.20 by ($1.54). The firm 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 firm’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period in the previous year, the company posted $4.28 EPS. As a group, sell-side analysts expect that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date is Friday, September 13th. Public Storage’s dividend payout ratio is currently 108.99%.

Analyst Ratings Changes

PSA has been the subject of a number of research analyst reports. Scotiabank lifted their price target on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. 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 research report on Monday, August 5th. Truist Financial lowered shares of 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. Wells Fargo & Company boosted their price objective on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, Barclays increased their price objective on Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $325.15.

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.