Bessemer Group Inc. Sells 5,650 Shares of Public Storage (NYSE:PSA)

Bessemer Group Inc. decreased its position in Public Storage (NYSE:PSA - Free Report) by 48.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 5,932 shares of the real estate investment trust's stock after selling 5,650 shares during the quarter. Bessemer Group Inc.'s holdings in Public Storage were worth $1,776,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Shum Financial Group Inc. increased its stake in shares of Public Storage by 1.7% in the first quarter. Shum Financial Group Inc. now owns 2,089 shares of the real estate investment trust's stock valued at $625,000 after buying an additional 35 shares in the last quarter. Lido Advisors LLC grew its holdings in Public Storage by 0.9% during the 4th quarter. Lido Advisors LLC now owns 4,298 shares of the real estate investment trust's stock worth $1,287,000 after acquiring an additional 39 shares during the last quarter. Integrated Advisors Network LLC grew its holdings in Public Storage by 1.4% during the 4th quarter. Integrated Advisors Network LLC now owns 3,067 shares of the real estate investment trust's stock worth $918,000 after acquiring an additional 41 shares during the last quarter. Atlas Brown Inc. grew its holdings in Public Storage by 2.1% during the 1st quarter. Atlas Brown Inc. now owns 2,176 shares of the real estate investment trust's stock worth $651,000 after acquiring an additional 45 shares during the last quarter. Finally, CVA Family Office LLC grew its holdings in Public Storage by 24.6% during the 1st quarter. CVA Family Office LLC now owns 238 shares of the real estate investment trust's stock worth $71,000 after acquiring an additional 47 shares during the last quarter. Institutional investors own 78.79% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Royal Bank Of Canada reduced their target price on shares of Public Storage from $329.00 to $328.00 and set a "sector perform" rating on the stock in a research note on Friday, May 2nd. BNP Paribas Exane began coverage on Public Storage in a research note on Tuesday, June 24th. They set an "outperform" rating and a $331.00 target price for the company. Barclays lowered their target price on Public Storage from $354.00 to $351.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. BNP Paribas upgraded shares of Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. Finally, Truist Financial upgraded shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target for the company in a research note on Thursday, April 10th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $337.64.

Public Storage Stock Up 0.5%

Shares of NYSE PSA opened at $290.00 on Friday. The stock has a 50-day moving average price of $298.55 and a two-hundred day moving average price of $297.71. Public Storage has a 12 month low of $256.60 and a 12 month high of $369.99. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.77. The company has a market cap of $50.87 billion, a price-to-earnings ratio of 28.80, a PEG ratio of 4.19 and a beta of 0.89.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.06 by $0.06. Public Storage had a return on equity of 36.50% and a net margin of 41.74%. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the prior year, the firm posted $4.03 earnings per share. The firm's revenue was up .1% compared to the same quarter last year. As a group, analysts forecast that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Thursday, June 12th were issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.14%. The ex-dividend date of this dividend was Thursday, June 12th. Public Storage's payout ratio is presently 119.17%.

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.

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