Arjuna Capital Trims Holdings in Public Storage (NYSE:PSA)

Key Points

• Arjuna Capital reduced its stake in Public Storage by 7.7%, selling 1,009 shares and now holds approximately 12,100 shares worth $3,621,000.
• Public Storage's recent earnings report showed an EPS of $4.28, exceeding expectations and reflecting a 2.4% revenue increase year-over-year.
• Analysts have mixed ratings for Public Storage, with a consensus rating of "Moderate Buy" and an average price target of $335.57.

Arjuna Capital cut its position in shares of Public Storage (NYSE:PSA - Free Report) by 7.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,100 shares of the real estate investment trust's stock after selling 1,009 shares during the period. Public Storage makes up 1.0% of Arjuna Capital's holdings, making the stock its 25th biggest holding. Arjuna Capital's holdings in Public Storage were worth $3,621,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of PSA. Wedbush Securities Inc. raised its stake in shares of Public Storage by 12.4% in the 4th quarter. Wedbush Securities Inc. now owns 1,428 shares of the real estate investment trust's stock valued at $428,000 after acquiring an additional 157 shares during the period. Polymer Capital Management US LLC purchased a new stake in shares of Public Storage in the 4th quarter valued at approximately $209,000. Invesco Ltd. raised its stake in shares of Public Storage by 2.6% in the 4th quarter. Invesco Ltd. now owns 1,099,249 shares of the real estate investment trust's stock valued at $329,159,000 after acquiring an additional 27,693 shares during the period. FIL Ltd raised its stake in shares of Public Storage by 3.9% in the 4th quarter. FIL Ltd now owns 39,371 shares of the real estate investment trust's stock valued at $11,789,000 after acquiring an additional 1,474 shares during the period. Finally, Bank of Nova Scotia raised its stake in shares of Public Storage by 5.7% in the 4th quarter. Bank of Nova Scotia now owns 21,538 shares of the real estate investment trust's stock valued at $6,450,000 after acquiring an additional 1,171 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Down 0.7%

NYSE PSA traded down $2.01 on Friday, hitting $281.88. 434,986 shares of the stock were exchanged, compared to its average volume of 964,392. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 2.04. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99. The company has a market cap of $49.45 billion, a PE ratio of 30.74, a PEG ratio of 4.11 and a beta of 0.86. The company has a 50-day moving average price of $291.28 and a 200-day moving average price of $295.33.

Public Storage (NYSE:PSA - Get Free Report) last issued its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.23 by $0.05. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The business had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.20 billion. During the same quarter in the prior year, the business posted $4.23 EPS. The company's revenue for the quarter was up 2.4% on a year-over-year basis. Sell-side analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PSA. BMO Capital Markets downgraded shares of Public Storage from an "outperform" rating to a "market perform" rating and reduced their price target for the company from $340.00 to $325.00 in a research note on Friday, June 20th. BNP Paribas upgraded shares of Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. Royal Bank Of Canada dropped their price objective on shares of Public Storage from $328.00 to $309.00 and set a "sector perform" rating for the company in a report on Friday, August 1st. Mizuho lifted their price objective 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. Finally, Bank of America lifted their price objective 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. One analyst has rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Public Storage currently has an average rating of "Moderate Buy" and an average target price of $335.43.

About Public Storage

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.