First Manhattan CO. LLC. Has $1.32 Million Stock Position in Public Storage $PSA

Key Points

• First Manhattan CO. LLC. reduced its holdings in Public Storage by 23%, now owning 4,405 shares worth approximately $1.32 million.
• Public Storage reported earnings of $4.28 per share for the last quarter, surpassing analyst estimates of $4.23, with revenue remaining flat at $1.20 billion.
• The company recently declared a quarterly dividend of $3.00 per share, resulting in an annual yield of 4.2%, with a payout ratio of 130.86%.

First Manhattan CO. LLC. trimmed its position in shares of Public Storage (NYSE:PSA - Free Report) by 23.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,405 shares of the real estate investment trust's stock after selling 1,318 shares during the quarter. First Manhattan CO. LLC.'s holdings in Public Storage were worth $1,318,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Public Storage by 0.7% during the first quarter. Vanguard Group Inc. now owns 20,735,896 shares of the real estate investment trust's stock worth $6,206,046,000 after acquiring an additional 143,575 shares in the last quarter. Wellington Management Group LLP boosted its stake in Public Storage by 1.0% during 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 holdings in Public Storage by 1.2% during the 1st 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 purchasing an additional 34,718 shares in the last quarter. Northern Trust Corp increased its holdings in Public Storage by 2.8% during the 1st quarter. Northern Trust Corp now owns 2,546,478 shares of the real estate investment trust's stock worth $762,135,000 after purchasing an additional 69,882 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of 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 worth $638,805,000 after purchasing an additional 12,204 shares during the last quarter. 78.79% of the stock is owned by institutional investors.

Public Storage Stock Down 2.2%

Shares of NYSE:PSA opened at $288.11 on Wednesday. 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 $50.55 billion, a PE ratio of 31.42, a price-to-earnings-growth ratio of 4.89 and a beta of 0.86. The business has a fifty day moving average price of $287.53 and a two-hundred day moving average price of $293.98. 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 (NYSE:PSA - Get Free Report) last issued its quarterly 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. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.20 billion. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The firm's quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the previous year, the firm earned $4.23 EPS. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Analysts forecast that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date is Monday, September 15th. Public Storage's payout ratio is presently 130.86%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PSA. Wall Street Zen cut Public Storage from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Scotiabank dropped their price objective on Public Storage from $340.00 to $333.00 and set a "sector outperform" rating on the stock in a research note on Thursday, August 28th. BNP Paribas raised shares of Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. Mizuho increased their target price on shares of Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a report on Wednesday, May 28th. Finally, Evercore ISI raised their price target on shares of Public Storage from $308.00 to $309.00 and gave the company an "in-line" rating in a research report on Monday, August 4th. Two investment analysts have 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 MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus 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.

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