Amundi Sells 66,934 Shares of Public Storage $PSA

Key Points

• Amundi reduced its stake in Public Storage by 8.6%, selling 66,934 shares and retaining 712,948 shares, valued at approximately $210 million.
• Public Storage reported a quarterly earnings per share (EPS) of $4.28, exceeding analysts' expectations, along with a revenue that matched forecasts at $1.20 billion.
• The company announced a quarterly dividend of $3.00 per share, providing an annualized yield of 4.1% based on its current share price.

Amundi decreased its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 8.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 712,948 shares of the real estate investment trust's stock after selling 66,934 shares during the period. Amundi owned approximately 0.41% of Public Storage worth $210,135,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Public Storage by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 20,735,896 shares of the real estate investment trust's stock valued at $6,206,046,000 after buying an additional 143,575 shares during the period. Wellington Management Group LLP grew its holdings in shares of Public Storage by 1.0% in the 1st quarter. Wellington Management Group LLP now owns 2,987,662 shares of the real estate investment trust's stock valued at $894,177,000 after buying an additional 30,775 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Public Storage by 1.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,836,477 shares of the real estate investment trust's stock valued at $848,425,000 after buying an additional 34,718 shares during the period. Northern Trust Corp grew its holdings in shares of Public Storage by 2.8% in the 1st quarter. Northern Trust Corp now owns 2,546,478 shares of the real estate investment trust's stock valued at $762,135,000 after buying an additional 69,882 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Public Storage by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,134,493 shares of the real estate investment trust's stock valued at $638,805,000 after buying an additional 12,204 shares during the period. Institutional investors own 78.79% of the company's stock.

Public Storage Stock Up 1.9%

Shares of Public Storage stock traded up $5.58 during trading hours on Friday, reaching $297.80. 595,047 shares of the company's stock were exchanged, compared to its average volume of 600,586. The company has a 50 day moving average of $287.79 and a two-hundred day moving average of $293.91. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.04. The stock has a market cap of $52.25 billion, a P/E ratio of 32.48, a P/E/G ratio of 4.94 and a beta of 0.86.

Public Storage (NYSE:PSA - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, topping analysts' consensus estimates of $4.23 by $0.05. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same period in the prior year, the business posted $4.23 EPS. The company's quarterly 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. On average, sell-side analysts forecast that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm 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 dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Monday, September 15th. Public Storage's dividend payout ratio is currently 130.86%.

Analyst Ratings Changes

Several brokerages have recently issued reports on PSA. BNP Paribas raised shares of Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. Mizuho boosted their price target on shares of Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a report on Wednesday, May 28th. Bank of America boosted their price target on shares of Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a report on Tuesday, May 13th. Barclays decreased their price target on shares of Public Storage from $351.00 to $349.00 and set an "overweight" rating for the company in a report on Friday, August 8th. Finally, Evercore ISI boosted their price target on shares of Public Storage from $308.00 to $309.00 and gave the company an "in-line" rating in a report on Monday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $331.62.

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.