Public Storage (NYSE:PSA) Shares Sold by E. Ohman J or Asset Management AB

E. Ohman J or Asset Management AB trimmed its position in Public Storage (NYSE:PSA) by 7.1% during the third quarter, Holdings Channel.com reports. The firm owned 6,550 shares of the real estate investment trust’s stock after selling 500 shares during the period. E. Ohman J or Asset Management AB’s holdings in Public Storage were worth $2,383,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. Petredis Investment Advisors LLC raised its stake in Public Storage by 0.4% in the third quarter. Petredis Investment Advisors LLC now owns 6,862 shares of the real estate investment trust’s stock valued at $2,497,000 after buying an additional 30 shares in the last quarter. Yoder Wealth Management Inc. increased its position in Public Storage by 5.0% during the third quarter. Yoder Wealth Management Inc. now owns 763 shares of the real estate investment trust’s stock worth $278,000 after buying an additional 36 shares during the period. Assenagon Asset Management S.A. lifted its stake in Public Storage by 0.9% in the second quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust’s stock valued at $1,201,000 after buying an additional 39 shares during the last quarter. Brookstone Capital Management boosted its holdings in shares of Public Storage by 3.4% in the first quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock valued at $354,000 after acquiring an additional 40 shares during the period. Finally, Legacy Wealth Asset Management LLC increased its holdings in shares of Public Storage by 3.5% in the 1st quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust’s stock valued at $357,000 after acquiring an additional 42 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Down 0.6 %

PSA stock opened at $336.32 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. The company’s 50-day moving average price is $347.24 and its 200 day moving average price is $306.57. Public Storage has a 52 week low of $233.18 and a 52 week high of $369.99. The company has a market cap of $58.86 billion, a P/E ratio of 31.52, a P/E/G ratio of 4.72 and a beta of 0.68.

Public Storage (NYSE:PSA) last announced its quarterly 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). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The firm had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. During the same period last year, the firm earned $4.28 EPS. Public Storage’s revenue was down 1.0% compared to the same quarter last year. On average, research analysts expect that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date was Friday, September 13th. Public Storage’s dividend payout ratio is currently 112.46%.

Analysts Set New Price Targets

Several brokerages have issued reports on PSA. Royal Bank of Canada started coverage on shares of Public Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price objective on the stock. Morgan Stanley upped their price objective on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Scotiabank increased their price objective on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Citigroup boosted their target price on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Evercore ISI decreased their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus 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.