Balyasny Asset Management L.P. Reduces Stock Position in Public Storage (NYSE:PSA)

Balyasny Asset Management L.P. cut its holdings in Public Storage (NYSE:PSA - Free Report) by 47.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,906 shares of the real estate investment trust's stock after selling 19,978 shares during the quarter. Balyasny Asset Management L.P.'s holdings in Public Storage were worth $6,560,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of PSA. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Public Storage by 5.0% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust's stock valued at $16,089,000 after buying an additional 2,566 shares during the period. Capital Investment Advisors LLC increased its position in Public Storage by 25.4% during the 4th quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust's stock valued at $8,566,000 after purchasing an additional 5,793 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Public Storage by 30.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust's stock worth $40,926,000 after purchasing an additional 31,662 shares in the last quarter. Meridian Wealth Management LLC purchased a new stake in shares of Public Storage in the 4th quarter worth about $395,000. Finally, Aew Capital Management L P boosted its stake in shares of Public Storage by 108.6% during the 4th quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust's stock valued at $131,574,000 after purchasing an additional 228,740 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Stock Up 1.1 %

Shares of Public Storage stock opened at $303.93 on Friday. The company has a 50-day simple moving average of $294.18 and a two-hundred day simple moving average of $306.90. The stock has a market capitalization of $53.31 billion, a PE ratio of 31.56, a price-to-earnings-growth ratio of 4.91 and a beta of 0.91. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, topping analysts' consensus estimates of $4.06 by $0.06. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period in the previous year, the business earned $4.03 EPS. The firm's revenue for the quarter was up .1% on a year-over-year basis. On average, analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be issued a $3.00 dividend. The ex-dividend date is Thursday, June 12th. This represents a $12.00 annualized dividend and a yield of 3.95%. Public Storage's payout ratio is 119.17%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PSA. Royal Bank of Canada decreased their price target on shares of Public Storage from $329.00 to $328.00 and set a "sector perform" rating for the company in a research note on Friday, May 2nd. Truist Financial upgraded Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price for the company in a research note on Thursday, April 10th. Wells Fargo & Company reduced their price target on Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Bank of America raised Public Storage from a "neutral" rating to a "buy" rating and raised their price objective for the company from $349.00 to $368.00 in a research report on Tuesday, April 22nd. Finally, Mizuho began coverage on shares of Public Storage in a research report on Wednesday, April 9th. They issued a "neutral" rating and a $287.00 target price on the stock. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage presently has an average rating of "Moderate Buy" and an average price target of $333.75.

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.

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