Everence Capital Management Inc. Sells 1,280 Shares of Public Storage (NYSE:PSA)

Everence Capital Management Inc. lowered its position in Public Storage (NYSE:PSA) by 21.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,710 shares of the real estate investment trust’s stock after selling 1,280 shares during the period. Everence Capital Management Inc.’s holdings in Public Storage were worth $1,714,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of PSA. Allspring Global Investments Holdings LLC increased its holdings in shares of Public Storage by 1.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock valued at $51,762,000 after acquiring an additional 2,605 shares in the last quarter. Everett Harris & Co. CA increased its stake in Public Storage by 7.2% during the 3rd quarter. Everett Harris & Co. CA now owns 1,492 shares of the real estate investment trust’s stock valued at $543,000 after purchasing an additional 100 shares in the last quarter. Mitsubishi UFJ Asset Management UK Ltd. purchased a new position in shares of Public Storage in the third quarter worth $582,000. Friedenthal Financial acquired a new stake in shares of Public Storage during the third quarter worth $757,000. Finally, Capital Investment Advisors LLC grew its holdings in shares of Public Storage by 5.4% during the third quarter. Capital Investment Advisors LLC now owns 22,815 shares of the real estate investment trust’s stock valued at $8,302,000 after buying an additional 1,164 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of NYSE PSA traded down $11.28 during midday trading on Monday, hitting $334.34. The stock had a trading volume of 182,563 shares, compared to its average volume of 706,058. 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 50 day simple moving average of $345.72 and a 200-day simple moving average of $305.38. The company has a market capitalization of $58.75 billion, a PE ratio of 30.74, a P/E/G ratio of 4.84 and a beta of 0.68. Public Storage has a 1 year low of $233.18 and a 1 year high of $369.99.

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

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date was Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is 108.99%.

Wall Street Analyst Weigh In

PSA has been the topic of several research reports. Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target on the stock. in a report on Monday, August 5th. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Morgan Stanley upped their price objective on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Jefferies Financial Group raised their price objective 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. Finally, Scotiabank boosted their target price 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. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $340.93.

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.