ABC Arbitrage SA Has $1.28 Million Holdings in Public Storage (NYSE:PSA)

Key Points

• ABC Arbitrage SA significantly reduced its stake in Public Storage by 65.4%, holding $1.28 million worth of shares after selling over 8,000 shares.
• Institutional investors now own approximately 78.79% of Public Storage, with notable increases from firms like Northern Trust Corp and GAMMA Investing LLC.
• Public Storage reported quarterly earnings of $4.28 EPS, surpassing analysts' expectations, with a revenue of $1.20 billion for the quarter.

ABC Arbitrage SA cut its position in Public Storage (NYSE:PSA - Free Report) by 65.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,281 shares of the real estate investment trust's stock after selling 8,103 shares during the quarter. ABC Arbitrage SA's holdings in Public Storage were worth $1,281,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of PSA. Northern Trust Corp increased its holdings in shares of Public Storage by 43.4% during the 4th quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust's stock worth $741,592,000 after purchasing an additional 749,913 shares during the period. Cohen & Steers Inc. increased its holdings in shares of Public Storage by 12.3% during the 4th quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock worth $1,626,731,000 after purchasing an additional 592,944 shares during the period. GAMMA Investing LLC increased its holdings in shares of Public Storage by 34,827.1% during the 1st quarter. GAMMA Investing LLC now owns 524,955 shares of the real estate investment trust's stock worth $157,114,000 after purchasing an additional 523,452 shares during the period. Deutsche Bank AG increased its holdings in shares of Public Storage by 44.6% during the 4th quarter. Deutsche Bank AG now owns 1,407,754 shares of the real estate investment trust's stock worth $421,538,000 after purchasing an additional 433,918 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Public Storage during the 4th quarter worth about $99,157,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently issued reports on PSA. Wall Street Zen downgraded shares of Public Storage from a "hold" rating to a "sell" rating in a report on Saturday. Wells Fargo & Company decreased their target price 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. Evercore ISI lifted their target price on shares of Public Storage from $308.00 to $309.00 and gave the company an "in-line" rating in a research report on Monday. Bank of America lifted their target price on shares of Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Finally, Scotiabank lifted their target price on shares of Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a research report on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $335.57.

Public Storage Price Performance

NYSE:PSA opened at $281.92 on Wednesday. The firm has a market cap of $49.46 billion, a PE ratio of 30.74, a price-to-earnings-growth ratio of 4.10 and a beta of 0.86. Public Storage has a 12 month low of $256.60 and a 12 month high of $369.99. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 2.04. The company's 50-day moving average price is $292.64 and its two-hundred day moving average price is $295.59.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, beating analysts' consensus estimates of $4.23 by $0.05. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.20 billion. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The company's revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the previous year, the business earned $4.23 earnings per share. On average, equities analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage 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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