Public Storage $PSA Shares Sold by DoubleLine ETF Adviser LP

Key Points

• DoubleLine ETF Adviser LP reduced its stake in Public Storage by 19.2%, leaving it with 9,165 shares valued at approximately $2.74 million.
• Public Storage recently reported earnings of $4.28 per share, which exceeded analysts' expectations and represents a 2.4% increase in revenue compared to the previous year.
• The company announced a quarterly dividend of $3.00 per share, reflecting an annualized yield of 4.1%, with a payout ratio of 130.86%.

DoubleLine ETF Adviser LP trimmed its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 19.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,165 shares of the real estate investment trust's stock after selling 2,177 shares during the quarter. DoubleLine ETF Adviser LP's holdings in Public Storage were worth $2,743,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of PSA. Ameriflex Group Inc. purchased a new position in Public Storage during the fourth quarter valued at approximately $30,000. Spectrum Wealth Counsel LLC purchased a new position in Public Storage during the first quarter valued at approximately $30,000. Opal Wealth Advisors LLC purchased a new position in Public Storage during the first quarter valued at approximately $36,000. Wayfinding Financial LLC purchased a new position in Public Storage during the first quarter valued at approximately $41,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Public Storage in the fourth quarter worth $43,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Mizuho lifted their price target on shares of Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a report on Wednesday, May 28th. Wells Fargo & Company cut their price target on shares of Public Storage from $330.00 to $320.00 and set an "overweight" rating on the stock in a report on Wednesday, July 23rd. Scotiabank cut their price target on shares of Public Storage from $340.00 to $333.00 and set a "sector outperform" rating on the stock in a report on Thursday, August 28th. BNP Paribas Exane assumed coverage on shares of Public Storage in a report on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 price target on the stock. Finally, Evercore ISI lifted their price target on shares of Public Storage from $308.00 to $309.00 and gave the stock an "in-line" rating in a report on Monday, August 4th. One equities research 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 stock. According to data from MarketBeat, Public Storage has a consensus rating of "Moderate Buy" and an average target price of $331.62.

Public Storage Stock Performance

Shares of PSA traded up $5.58 during trading hours on Friday, reaching $297.80. 595,047 shares of the company traded hands, compared to its average volume of 592,584. The stock has a market capitalization 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. 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 12-month low of $256.60 and a 12-month high of $369.99. The business has a fifty day moving average price of $287.79 and a 200-day moving average price of $293.91.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, beating analysts' consensus estimates of $4.23 by $0.05. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.20 billion. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The business's quarterly revenue was up 2.4% compared to the same quarter last year. During the same period in the previous year, the company earned $4.23 earnings per share. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Equities analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued 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 4.0%. Public Storage's payout ratio is 130.86%.

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.