Advisors Asset Management Inc. Cuts Stake in Public Storage $PSA

Key Points

• Advisors Asset Management Inc. reduced its stake in Public Storage (NYSE: PSA) by 15.4% during Q1, now holding 8,091 shares valued at approximately $2.42 million.
• Public Storage recently announced a quarterly dividend of $3.00 per share, with an annualized yield of 4.0% and a payout ratio of 130.86%.
• Analyst ratings for Public Storage include one Strong Buy, seven Buy, and six Hold, with a current consensus price target of $331.62.

Advisors Asset Management Inc. trimmed its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 15.4% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,091 shares of the real estate investment trust's stock after selling 1,468 shares during the period. Advisors Asset Management Inc.'s holdings in Public Storage were worth $2,422,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Ameriflex Group Inc. bought a new position in shares of Public Storage in the 4th quarter worth $30,000. Spectrum Wealth Counsel LLC purchased a new stake in Public Storage in the 1st quarter valued at $30,000. Opal Wealth Advisors LLC purchased a new stake in Public Storage in the 1st quarter valued at $36,000. Wayfinding Financial LLC purchased a new stake in Public Storage in the 1st quarter valued at $41,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in Public Storage in the 4th quarter valued at $43,000. 78.79% of the stock is currently owned by institutional investors.

Public Storage Stock Performance

Shares of NYSE:PSA traded up $6.23 during midday trading on Thursday, reaching $294.92. 228,451 shares of the company's stock traded hands, compared to its average volume of 789,178. Public Storage has a one year low of $256.60 and a one year high of $369.99. The stock has a 50 day moving average of $287.49 and a 200 day moving average of $293.72. 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 company has a market cap of $51.74 billion, a price-to-earnings ratio of 32.15, a P/E/G ratio of 4.82 and a beta of 0.86.

Public Storage (NYSE:PSA - Get Free Report) last posted its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, beating analysts' consensus estimates of $4.23 by $0.05. Public Storage had a return on equity of 34.06% and a net margin of 38.13%.The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the prior year, the company earned $4.23 earnings per share. Public Storage'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. As a group, equities research analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $12.00 annualized dividend and a dividend yield of 4.1%. Public Storage's dividend payout ratio (DPR) is 130.86%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PSA shares. Evercore ISI lifted their price objective on Public Storage from $308.00 to $309.00 and gave the stock an "in-line" rating in a report on Monday, August 4th. Mizuho upped their target price on Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a report on Wednesday, May 28th. Royal Bank Of Canada decreased their target price on Public Storage from $328.00 to $309.00 and set a "sector perform" rating for the company in a report on Friday, August 1st. Scotiabank decreased their target price on Public Storage from $340.00 to $333.00 and set a "sector outperform" rating for the company in a report on Thursday, August 28th. Finally, Wall Street Zen downgraded Public Storage from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Public Storage presently has a consensus rating of "Moderate Buy" and a consensus price target of $331.62.

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.