Bessemer Group Inc. Lowers Stake in Public Storage $PSA

Bessemer Group Inc. lessened its holdings in Public Storage (NYSE:PSA) by 17.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,887 shares of the real estate investment trust’s stock after selling 1,045 shares during the period. Bessemer Group Inc.’s holdings in Public Storage were worth $1,433,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Retirement Planning Co of New England Inc. grew its holdings in Public Storage by 1.6% in the first quarter. Retirement Planning Co of New England Inc. now owns 2,084 shares of the real estate investment trust’s stock valued at $624,000 after purchasing an additional 33 shares during the period. Whitener Capital Management Inc. lifted its position in shares of Public Storage by 2.3% during the 2nd quarter. Whitener Capital Management Inc. now owns 1,610 shares of the real estate investment trust’s stock valued at $472,000 after buying an additional 36 shares in the last quarter. Rosenberg Matthew Hamilton grew its stake in Public Storage by 9.5% in the 2nd quarter. Rosenberg Matthew Hamilton now owns 416 shares of the real estate investment trust’s stock valued at $122,000 after acquiring an additional 36 shares during the period. Mather Group LLC. increased its holdings in Public Storage by 4.6% in the 2nd quarter. Mather Group LLC. now owns 864 shares of the real estate investment trust’s stock worth $253,000 after acquiring an additional 38 shares in the last quarter. Finally, Evermay Wealth Management LLC raised its position in Public Storage by 13.3% during the second quarter. Evermay Wealth Management LLC now owns 324 shares of the real estate investment trust’s stock worth $95,000 after acquiring an additional 38 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. UBS Group dropped their target price on shares of Public Storage from $305.00 to $295.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 16th. JPMorgan Chase & Co. decreased their price target on shares of Public Storage from $324.00 to $321.00 and set an “overweight” rating on the stock in a research note on Friday, September 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Public Storage in a research note on Wednesday, October 8th. Royal Bank Of Canada reduced their target price on Public Storage from $328.00 to $309.00 and set a “sector perform” rating for the company in a report on Friday, August 1st. Finally, Scotiabank lowered their price target on Public Storage from $340.00 to $333.00 and set a “sector outperform” rating on the stock in a research note on Thursday, August 28th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $325.69.

Public Storage Stock Down 3.0%

Shares of NYSE PSA opened at $280.62 on Friday. The stock has a market cap of $49.24 billion, a PE ratio of 29.14, a P/E/G ratio of 4.72 and a beta of 0.89. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.04. Public Storage has a 12-month low of $256.60 and a 12-month high of $355.87. The company has a 50-day moving average of $292.95 and a 200 day moving average of $293.11.

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

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $12.00 dividend on an annualized basis and a yield of 4.3%. Public Storage’s payout ratio is 130.86%.

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.