Public Storage $PSA Shares Sold by Canada Pension Plan Investment Board

Key Points

• The Canada Pension Plan Investment Board reduced its stake in Public Storage (NYSE:PSA) by 32.7%, owning 738,713 shares valued at approximately $221.1 million as of the latest SEC filing.
• Public Storage recently reported earnings of $4.28 EPS for the quarter, exceeding estimates of $4.23, and announced a quarterly dividend of $3.00 per share, reflecting an annualized dividend yield of 4.1%.
• Several other institutional investors have adjusted their holdings in Public Storage, with Vanguard Group increasing its stake by 0.7% to own over 20.7 million shares, valued at approximately $6.2 billion.

Canada Pension Plan Investment Board lowered its position in Public Storage (NYSE:PSA - Free Report) by 32.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 738,713 shares of the real estate investment trust's stock after selling 359,528 shares during the period. Canada Pension Plan Investment Board owned about 0.42% of Public Storage worth $221,089,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. GKV Capital Management Co. Inc. acquired a new stake in shares of Public Storage in the 1st quarter worth $119,000. Te Ahumairangi Investment Management Ltd raised its stake in shares of Public Storage by 2.0% in the first quarter. Te Ahumairangi Investment Management Ltd now owns 14,691 shares of the real estate investment trust's stock worth $4,397,000 after acquiring an additional 289 shares during the last quarter. HGI Capital Management LLC acquired a new stake in Public Storage during the 1st quarter worth approximately $3,164,000. Lansforsakringar Fondforvaltning AB publ grew its stake in shares of Public Storage by 0.8% in the first quarter. Lansforsakringar Fondforvaltning AB publ now owns 124,671 shares of the real estate investment trust's stock valued at $37,313,000 after buying an additional 1,034 shares in the last quarter. Finally, Eisler Capital Management Ltd. bought a new stake in Public Storage during the first quarter worth about $5,720,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Down 2.2%

NYSE PSA traded down $6.48 during trading on Tuesday, reaching $288.11. 934,489 shares of the company's stock traded hands, compared to its average volume of 794,920. The firm has a market cap of $50.55 billion, a price-to-earnings ratio of 31.42, a price-to-earnings-growth ratio of 4.89 and a beta of 0.86. The company's 50 day simple moving average is $287.68 and its two-hundred day simple moving average is $294.02. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 1.77. Public Storage has a 12-month low of $256.60 and a 12-month high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings results 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 the consensus estimate of $1.20 billion. During the same period in the prior year, the company posted $4.23 earnings per share. The firm's quarterly revenue was up 2.4% compared to the same quarter last year. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. As a group, sell-side analysts forecast that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a dividend of $3.00 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.2%. Public Storage's dividend payout ratio (DPR) is currently 130.86%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Scotiabank reduced their price objective on shares of Public Storage from $340.00 to $333.00 and set a "sector outperform" rating on the stock in a research report on Thursday, August 28th. Royal Bank Of Canada reduced their price objective on Public Storage from $328.00 to $309.00 and set a "sector perform" rating for the company in a research note on Friday, August 1st. BMO Capital Markets downgraded Public Storage from an "outperform" rating to a "market perform" rating and lowered their price objective for the stock from $340.00 to $325.00 in a research report on Friday, June 20th. BNP Paribas raised Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. Finally, Evercore ISI increased their target price on Public Storage from $308.00 to $309.00 and gave the company an "in-line" rating in a research note on Monday, August 4th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $331.62.

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.