Praxis Investment Management Inc. Cuts Holdings in Public Storage $PSA

Praxis Investment Management Inc. trimmed its holdings in shares of Public Storage (NYSE:PSA) by 67.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,300 shares of the real estate investment trust’s stock after selling 2,700 shares during the period. Praxis Investment Management Inc.’s holdings in Public Storage were worth $381,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Public Storage by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 20,735,896 shares of the real estate investment trust’s stock worth $6,206,046,000 after buying an additional 143,575 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Public Storage by 1.0% during the 1st quarter. Wellington Management Group LLP now owns 2,987,662 shares of the real estate investment trust’s stock worth $894,177,000 after buying an additional 30,775 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Public Storage by 1.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,836,477 shares of the real estate investment trust’s stock worth $848,425,000 after buying an additional 34,718 shares in the last quarter. Northern Trust Corp raised its stake in shares of Public Storage by 2.8% during the 1st quarter. Northern Trust Corp now owns 2,546,478 shares of the real estate investment trust’s stock worth $762,135,000 after buying an additional 69,882 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Public Storage by 0.6% in the 1st 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 in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Performance

Public Storage stock opened at $307.77 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. The stock has a fifty day moving average of $289.77 and a two-hundred day moving average of $291.73. The company has a market capitalization of $54.00 billion, a price-to-earnings ratio of 33.56, a PEG ratio of 5.02 and a beta of 0.89. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $355.87.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, topping the consensus estimate of $4.23 by $0.05. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.20 billion. Public Storage had a return on equity of 34.06% and a net margin of 38.13%.Public Storage’s revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the business posted $4.23 earnings per share. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. On average, analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were given a dividend of $3.00 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $12.00 annualized dividend and a yield of 3.9%. Public Storage’s dividend payout ratio (DPR) is presently 130.86%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PSA. JPMorgan Chase & Co. dropped their price objective on Public Storage from $324.00 to $321.00 and set an “overweight” rating for the company in a research note on Friday, September 12th. Evercore ISI raised their price objective on Public Storage from $312.00 to $317.00 and gave the company a “cautious” rating in a research note on Friday, October 3rd. Wells Fargo & Company dropped their price objective on Public Storage from $330.00 to $320.00 and set an “overweight” rating for the company in a research note on Wednesday, July 23rd. BNP Paribas raised Public Storage to a “strong-buy” rating in a research note on Tuesday, June 24th. Finally, Deutsche Bank Aktiengesellschaft raised Public Storage from a “hold” rating to a “buy” rating and set a $325.00 price objective for the company in a research note on Monday, October 13th. One investment 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 assigned a Sell rating to the stock. According to data from MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and an average target price of $324.92.

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.