Equitable Trust Co. Has $17.75 Million Stake in Public Storage (NYSE:PSA)

Key Points

• Equitable Trust Co. reduced its stake in Public Storage by 18.3% in Q1, now holding 59,290 shares valued at $17.7 million, which accounts for about 1.0% of its investment portfolio.
• Public Storage recently reported earnings of $4.12 per share, exceeding analysts' expectations, with revenues of $1.18 billion for the quarter.
• The company announced a quarterly dividend of $3.00 per share, translating to an annualized yield of 4.17% with a high payout ratio of 119.17%.

Equitable Trust Co. reduced its stake in Public Storage (NYSE:PSA - Free Report) by 18.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 59,290 shares of the real estate investment trust's stock after selling 13,253 shares during the quarter. Public Storage makes up 1.0% of Equitable Trust Co.'s investment portfolio, making the stock its 23rd largest holding. Equitable Trust Co.'s holdings in Public Storage were worth $17,745,000 as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in PSA. Shum Financial Group Inc. grew its holdings in Public Storage by 1.7% during 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 purchasing an additional 35 shares during the last quarter. Lido Advisors LLC grew its holdings in Public Storage by 0.9% during the fourth quarter. Lido Advisors LLC now owns 4,298 shares of the real estate investment trust's stock valued at $1,287,000 after purchasing an additional 39 shares during the last quarter. Integrated Advisors Network LLC grew its holdings in Public Storage by 1.4% during the fourth quarter. Integrated Advisors Network LLC now owns 3,067 shares of the real estate investment trust's stock valued at $918,000 after purchasing an additional 41 shares during the last quarter. Valeo Financial Advisors LLC grew its holdings in Public Storage by 3.2% during the first quarter. Valeo Financial Advisors LLC now owns 1,313 shares of the real estate investment trust's stock valued at $393,000 after purchasing an additional 41 shares during the last quarter. Finally, Winch Advisory Services LLC grew its holdings in Public Storage by 39.8% during the first quarter. Winch Advisory Services LLC now owns 151 shares of the real estate investment trust's stock valued at $45,000 after purchasing an additional 43 shares during the last quarter. Institutional investors own 78.79% of the company's stock.

Public Storage Stock Performance

Shares of NYSE:PSA traded up $4.08 during trading on Tuesday, hitting $290.07. 274,828 shares of the stock were exchanged, compared to its average volume of 797,067. Public Storage has a 1-year low of $256.60 and a 1-year high of $369.99. The company has a market capitalization of $50.89 billion, a price-to-earnings ratio of 28.80, a price-to-earnings-growth ratio of 4.19 and a beta of 0.86. The company's fifty day simple moving average is $294.60 and its 200-day simple moving average is $296.04. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.55 and a current ratio of 0.55.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, beating the consensus estimate of $4.06 by $0.06. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.18 billion. Public Storage had a return on equity of 36.50% and a net margin of 41.74%. Public Storage's quarterly revenue was up .1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.03 EPS. Sell-side analysts expect that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Barclays dropped their price target on Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a research report on Friday, May 16th. BMO Capital Markets downgraded Public Storage from an "outperform" rating to a "market perform" rating and dropped their price target for the stock from $340.00 to $325.00 in a research report on Friday, June 20th. Bank of America lifted their price target on Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Scotiabank lifted their price target on Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a research report on Monday, May 12th. Finally, Wells Fargo & Company dropped their price target on Public Storage from $330.00 to $320.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 23rd. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $336.93.

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.