Sumitomo Mitsui Trust Group Inc. Acquires 21,645 Shares of Public Storage $PSA

Sumitomo Mitsui Trust Group Inc. increased its holdings in Public Storage (NYSE:PSA) by 2.9% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 776,307 shares of the real estate investment trust’s stock after purchasing an additional 21,645 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Public Storage were worth $227,784,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Private Trust Co. NA boosted its holdings in Public Storage by 228.1% in the 1st quarter. Private Trust Co. NA now owns 2,139 shares of the real estate investment trust’s stock worth $640,000 after buying an additional 1,487 shares during the period. Summit Trail Advisors LLC boosted its holdings in Public Storage by 43.3% in the 1st quarter. Summit Trail Advisors LLC now owns 3,619 shares of the real estate investment trust’s stock worth $1,083,000 after buying an additional 1,093 shares during the period. TCW Group Inc. boosted its holdings in Public Storage by 5.2% in the 1st quarter. TCW Group Inc. now owns 13,696 shares of the real estate investment trust’s stock valued at $4,099,000 after purchasing an additional 676 shares during the period. Meritage Portfolio Management bought a new position in Public Storage in the 1st quarter valued at $6,775,000. Finally, Jump Financial LLC bought a new position in Public Storage in the 1st quarter valued at $1,124,000. 78.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PSA has been the subject of several analyst reports. Royal Bank Of Canada cut their price target on shares of Public Storage from $328.00 to $309.00 and set a “sector perform” rating for the company in a report on Friday, August 1st. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “hold” rating to a “buy” rating and set a $325.00 price target for the company in a report on Monday, October 13th. Scotiabank cut their price target on shares of Public Storage from $340.00 to $333.00 and set a “sector outperform” rating for the company in a report on Thursday, August 28th. Weiss Ratings restated a “hold (c)” rating on shares of Public Storage in a research report on Wednesday, October 8th. Finally, Wells Fargo & Company lowered their price objective on shares of Public Storage from $330.00 to $320.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 23rd. One 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 issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $324.92.

Public Storage Stock Performance

NYSE:PSA opened at $302.52 on Friday. The firm has a market cap of $53.08 billion, a PE ratio of 32.99, a price-to-earnings-growth ratio of 5.00 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. 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 business has a 50 day moving average price of $292.41 and a 200-day moving average price of $292.61.

Public Storage (NYSE:PSA) last issued its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.23 by $0.05. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.20 billion. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The business’s revenue was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.23 earnings per share. Public Storage has set its FY 2025 guidance at 16.450-17.00 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 was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.0%. The ex-dividend date was Monday, September 15th. Public Storage’s dividend payout ratio is currently 130.86%.

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.