ABC Arbitrage SA Sells 20,905 Shares of Public Storage $PSA

Key Points

• ABC Arbitrage SA sharply cut its Public Storage stake in the first quarter, selling 20,905 shares and reducing its position by 95.4% to 999 shares worth about $271,000.
• Analysts remain mixed on PSA, with several firms recently raising price targets, but the overall consensus rating is still “Hold” with an average target price of $325.37.
• Public Storage reported solid earnings and a dividend, beating EPS estimates in its latest quarter and paying a $3.00 quarterly dividend, equal to a 3.8% annualized yield.

ABC Arbitrage SA reduced its stake in shares of Public Storage (NYSE:PSA - Free Report) by 95.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 999 shares of the real estate investment trust's stock after selling 20,905 shares during the quarter. ABC Arbitrage SA's holdings in Public Storage were worth $271,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in PSA. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in shares of Public Storage by 37.4% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,351 shares of the real estate investment trust's stock worth $366,000 after buying an additional 368 shares during the last quarter. Chicago Partners Investment Group LLC grew its holdings in Public Storage by 21.6% during the first quarter. Chicago Partners Investment Group LLC now owns 1,588 shares of the real estate investment trust's stock worth $430,000 after acquiring an additional 282 shares during the period. Absher Wealth Management LLC raised its position in Public Storage by 35.3% during the first quarter. Absher Wealth Management LLC now owns 4,951 shares of the real estate investment trust's stock valued at $1,341,000 after acquiring an additional 1,292 shares in the last quarter. Y.D. More Investments Ltd purchased a new position in Public Storage during the first quarter valued at approximately $95,000. Finally, J. Safra Sarasin Holding AG lifted its holdings in Public Storage by 228.4% in the first quarter. J. Safra Sarasin Holding AG now owns 4,850 shares of the real estate investment trust's stock valued at $1,311,000 after acquiring an additional 3,373 shares during the period. Institutional investors own 78.79% of the company's stock.

Wall Street Analysts Forecast Growth

PSA has been the subject of several recent research reports. Weiss Ratings raised shares of Public Storage from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, June 12th. BMO Capital Markets increased their price target on shares of Public Storage from $305.00 to $340.00 and gave the stock a "market perform" rating in a report on Monday, June 15th. Citigroup raised their price target on shares of Public Storage from $325.00 to $363.00 and gave the company a "buy" rating in a research report on Tuesday, June 16th. JPMorgan Chase & Co. lifted their price objective on shares of Public Storage from $291.00 to $338.00 and gave the company a "neutral" rating in a report on Thursday, June 11th. Finally, Royal Bank Of Canada upped their price objective on shares of Public Storage from $301.00 to $305.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and thirteen have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $325.37.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 950 shares of Public Storage stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $324.81, for a total value of $308,569.50. Following the sale, the insider owned 1,414 shares in the company, valued at $459,281.34. This trade represents a 40.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 11.10% of the stock is currently owned by company insiders.

Public Storage Stock Down 0.7%

Public Storage stock opened at $319.55 on Wednesday. The company has a debt-to-equity ratio of 2.02, a current ratio of 0.56 and a quick ratio of 0.56. The stock has a market capitalization of $56.10 billion, a PE ratio of 32.98, a price-to-earnings-growth ratio of 4.33 and a beta of 0.96. The business has a 50 day simple moving average of $313.72 and a 200-day simple moving average of $296.96. Public Storage has a 12 month low of $256.54 and a 12 month high of $331.79.

Public Storage (NYSE:PSA - Get Free Report) last announced its earnings results on Monday, April 27th. The real estate investment trust reported $2.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.42 by $0.29. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. Public Storage had a return on equity of 37.78% and a net margin of 39.16%.The business's revenue was down .1% on a year-over-year basis. During the same quarter last year, the firm posted $4.12 EPS. Public Storage has set its FY 2026 guidance at 16.350-17.000 EPS. On average, analysts anticipate that Public Storage will post 16.94 EPS for the current fiscal year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend was Monday, June 15th. Public Storage's dividend payout ratio (DPR) is presently 123.84%.

About Public Storage

Public Storage NYSE: PSA is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company's core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.

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