Zimmer Partners LP Sells 6,400 Shares of Public Storage $PSA

Zimmer Partners LP cut its holdings in Public Storage (NYSE:PSA) by 30.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,500 shares of the real estate investment trust’s stock after selling 6,400 shares during the quarter. Zimmer Partners LP’s holdings in Public Storage were worth $4,340,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of PSA. Cresset Asset Management LLC grew its stake in shares of Public Storage by 200.9% in the fourth quarter. Cresset Asset Management LLC now owns 2,392 shares of the real estate investment trust’s stock worth $716,000 after purchasing an additional 1,597 shares during the last quarter. D. E. Shaw & Co. Inc. grew its stake in shares of Public Storage by 249.6% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 25,105 shares of the real estate investment trust’s stock worth $7,517,000 after purchasing an additional 17,923 shares during the last quarter. Focus Partners Wealth boosted its position in Public Storage by 60.0% during the 4th quarter. Focus Partners Wealth now owns 13,971 shares of the real estate investment trust’s stock valued at $4,614,000 after acquiring an additional 5,237 shares in the last quarter. Graham Capital Management L.P. bought a new stake in Public Storage during the 4th quarter valued at approximately $1,403,000. Finally, Gotham Asset Management LLC boosted its position in Public Storage by 181.7% during the 4th quarter. Gotham Asset Management LLC now owns 33,433 shares of the real estate investment trust’s stock valued at $10,011,000 after acquiring an additional 21,565 shares in the last quarter. 78.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on PSA shares. BMO Capital Markets cut Public Storage from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $340.00 to $325.00 in a research report on Friday, June 20th. Barclays cut their price objective on Public Storage from $351.00 to $349.00 and set an “overweight” rating on the stock in a research report on Friday, August 8th. BNP Paribas Exane started coverage on Public Storage in a research report on Tuesday, June 24th. They set an “outperform” rating and a $331.00 price objective on the stock. Scotiabank cut their price objective on Public Storage from $340.00 to $333.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 28th. Finally, Wells Fargo & Company cut their price objective on 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, seven have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and an average target price of $331.62.

Public Storage Price Performance

PSA stock opened at $294.80 on Tuesday. The firm has a 50 day moving average price of $287.81 and a 200-day moving average price of $293.77. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99. The firm has a market capitalization of $51.72 billion, a price-to-earnings ratio of 32.15, a PEG ratio of 4.94 and a beta of 0.86. 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 (NYSE:PSA) last released its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.23 by $0.05. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same period last year, the business earned $4.23 earnings per share. The business’s revenue was up 2.4% on a year-over-year basis. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Equities research analysts forecast that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Monday, September 15th. Public Storage’s dividend payout ratio (DPR) is presently 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.