National Pension Service Lowers Position in Public Storage $PSA

National Pension Service decreased its holdings in shares of Public Storage (NYSE:PSA) by 45.9% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 244,955 shares of the real estate investment trust’s stock after selling 207,794 shares during the period. National Pension Service’s holdings in Public Storage were worth $71,875,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PSA. Vanguard Group Inc. raised its holdings in shares of Public Storage by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 20,735,896 shares of the real estate investment trust’s stock valued at $6,206,046,000 after acquiring an additional 143,575 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Public Storage by 1.0% in the first quarter. Wellington Management Group LLP now owns 2,987,662 shares of the real estate investment trust’s stock worth $894,177,000 after purchasing an additional 30,775 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Public Storage by 1.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,836,477 shares of the real estate investment trust’s stock valued at $848,425,000 after purchasing an additional 34,718 shares in the last quarter. Northern Trust Corp raised its stake in Public Storage by 2.8% in the first quarter. Northern Trust Corp now owns 2,546,478 shares of the real estate investment trust’s stock valued at $762,135,000 after purchasing an additional 69,882 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Public Storage by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,134,493 shares of the real estate investment trust’s stock valued at $638,805,000 after purchasing an additional 12,204 shares during the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Stock Performance

NYSE:PSA opened at $274.15 on Friday. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.77 and a current ratio of 1.77. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $355.87. The firm has a market cap of $48.10 billion, a PE ratio of 28.47, a price-to-earnings-growth ratio of 4.72 and a beta of 0.91. The business has a 50 day moving average price of $289.86 and a 200-day moving average price of $292.00.

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 EPS for the quarter, beating analysts’ consensus estimates of $4.24 by $0.07. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.21 billion. Public Storage had a net margin of 39.53% and a return on equity of 35.67%. The firm’s revenue was down 5.4% compared to the same quarter last year. During the same period in the prior year, the business posted $4.20 EPS. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. Equities research analysts predict that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date is Monday, December 15th. Public Storage’s dividend payout ratio is currently 124.61%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Public Storage from $324.00 to $321.00 and set an “overweight” rating on the stock in a research report on Friday, September 12th. Wells Fargo & Company upped their target price on Public Storage from $320.00 to $330.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. Weiss Ratings reissued a “hold (c)” rating on shares of Public Storage in a research note on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “hold” rating to a “buy” rating and set a $325.00 price objective for the company in a report on Monday, October 13th. Finally, Evercore ISI decreased their target price on shares of Public Storage from $317.00 to $315.00 and set an “in-line” rating on the stock in a research report on Monday, November 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $325.38.

Public Storage Company 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.