Chevy Chase Trust Holdings LLC Has $26.32 Million Position in Public Storage $PSA

Key Points

• Chevy Chase Trust Holdings LLC increased its stake in Public Storage by 1.0% in Q2, now holding shares valued at $26.32 million.
• Public Storage exceeded analysts' earnings expectations for Q2, reporting $4.28 earnings per share against a consensus estimate of $4.23.
• The company announced a quarterly dividend of $3.00, representing a 3.9% yield with a payout ratio of 130.86%.

Chevy Chase Trust Holdings LLC grew its stake in Public Storage (NYSE:PSA - Free Report) by 1.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 89,711 shares of the real estate investment trust's stock after buying an additional 853 shares during the period. Chevy Chase Trust Holdings LLC owned 0.05% of Public Storage worth $26,323,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Public Storage by 0.7% during 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 purchasing an additional 143,575 shares during the period. Wellington Management Group LLP boosted its stake 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 purchasing an additional 30,775 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Public Storage by 1.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,836,477 shares of the real estate investment trust's stock worth $848,425,000 after buying an additional 34,718 shares during the period. Northern Trust Corp raised its stake in Public Storage by 2.8% during the first quarter. Northern Trust Corp now owns 2,546,478 shares of the real estate investment trust's stock worth $762,135,000 after buying an additional 69,882 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Public Storage by 0.6% in the first 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. 78.79% of the stock is currently owned by institutional investors.

Public Storage Trading Up 0.3%

Shares of Public Storage stock opened at $307.77 on Friday. The stock has a market capitalization of $54.00 billion, a PE ratio of 33.56, a price-to-earnings-growth ratio of 5.01 and a beta of 0.89. Public Storage has a 52 week low of $256.60 and a 52 week high of $355.87. The stock has a 50 day moving average price of $289.77 and a two-hundred day moving average price of $291.77. 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 (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 for the quarter, topping 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 company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same period in the prior year, the firm earned $4.23 earnings per share. Public Storage'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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend was Monday, September 15th. Public Storage's dividend payout ratio (DPR) is 130.86%.

Analysts Set New Price Targets

A number of analysts have weighed in on PSA shares. BMO Capital Markets downgraded Public Storage from an "outperform" rating to a "market perform" rating and decreased their price target for the stock from $340.00 to $325.00 in a report on Friday, June 20th. Deutsche Bank Aktiengesellschaft raised Public Storage from a "hold" rating to a "buy" rating and set a $325.00 target price for the company in a research note on Monday. Evercore ISI boosted their price target on Public Storage from $312.00 to $317.00 and gave the company a "cautious" rating in a research note on Friday, October 3rd. UBS Group reduced their price objective on shares of Public Storage from $305.00 to $295.00 and set a "neutral" rating for the company in a research report on Tuesday, September 16th. Finally, Barclays lowered their price objective on shares of Public Storage from $351.00 to $349.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $324.92.

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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