Alliancebernstein L.P. Has $151.18 Million Holdings in Public Storage $PSA

Key Points

• AllianceBernstein L.P. increased its ownership in Public Storage (NYSE: PSA) by 4.4%, acquiring an additional 21,400 shares to hold a total of 505,135 shares, valued at approximately $151.2 million.
• Public Storage recently declared a quarterly dividend of $3.00 per share, which equates to an annualized dividend of $12.00 and a yield of 4.1%, despite a high dividend payout ratio of 130.86%.
• The firm reported a quarterly EPS of $4.28, exceeding analyst expectations, while its revenue for the quarter matched estimates at $1.20 billion, indicating a 2.4% year-over-year increase.

Alliancebernstein L.P. boosted its holdings in Public Storage (NYSE:PSA - Free Report) by 4.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 505,135 shares of the real estate investment trust's stock after buying an additional 21,400 shares during the quarter. Alliancebernstein L.P. owned 0.29% of Public Storage worth $151,182,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of PSA. Ameriflex Group Inc. bought a new stake in shares of Public Storage during the 4th quarter worth $30,000. Spectrum Wealth Counsel LLC acquired a new stake in shares of Public Storage during the first quarter worth $30,000. Opal Wealth Advisors LLC purchased a new stake in shares of Public Storage during the first quarter valued at $36,000. Wayfinding Financial LLC purchased a new stake in shares of Public Storage during the first quarter valued at $41,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Public Storage in the 4th quarter valued at $43,000. Institutional investors own 78.79% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Barclays cut their price objective on Public Storage from $351.00 to $349.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. Royal Bank Of Canada cut their price target on shares of Public Storage from $328.00 to $309.00 and set a "sector perform" rating on the stock in a report on Friday, August 1st. Evercore ISI raised their price objective on shares of Public Storage from $308.00 to $309.00 and gave the stock an "in-line" rating in a research note on Monday, August 4th. BNP Paribas Exane initiated coverage on shares of Public Storage in a research report on Tuesday, June 24th. They set an "outperform" rating and a $331.00 price objective on the stock. Finally, BMO Capital Markets lowered Public Storage from an "outperform" rating to a "market perform" rating and reduced their target price for the company from $340.00 to $325.00 in a report on Friday, June 20th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $331.62.

Public Storage Stock Up 1.9%

Shares of NYSE PSA traded up $5.58 during mid-day trading on Friday, reaching $297.80. The company had a trading volume of 595,047 shares, compared to its average volume of 600,586. 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 has a twelve month low of $256.60 and a twelve month high of $369.99. The stock's 50 day moving average is $287.79 and its 200-day moving average is $293.91. The stock has a market capitalization of $52.25 billion, a PE ratio of 32.48, a price-to-earnings-growth ratio of 4.94 and a beta of 0.86.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) 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 firm had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.20 billion. During the same quarter last year, the firm earned $4.23 earnings per share. The business's revenue for the quarter 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 analysts anticipate that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently declared 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 4.0%. The ex-dividend date is Monday, September 15th. Public Storage's payout ratio is currently 130.86%.

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.