Public Storage (NYSE:PSA) Position Trimmed by Foundations Investment Advisors LLC

Key Points

• Foundations Investment Advisors LLC reduced its stake in Public Storage by 36.4%, selling 6,186 shares, and now holds 10,803 shares valued at approximately $3.23 million.
• Public Storage reported an EPS of $4.12 for the last quarter, exceeding analysts' expectations of $4.06, with a net margin of 41.74%.
• The company announced a quarterly dividend of $3.00 per share, representing an annualized dividend of $12.00 and a dividend yield of 4.10%.

Foundations Investment Advisors LLC trimmed its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 36.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,803 shares of the real estate investment trust's stock after selling 6,186 shares during the period. Foundations Investment Advisors LLC's holdings in Public Storage were worth $3,233,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in PSA. Norden Group LLC purchased a new position in Public Storage in the 1st quarter valued at about $572,000. Werba Rubin Papier Wealth Management boosted its position in Public Storage by 3.1% in the 1st quarter. Werba Rubin Papier Wealth Management now owns 2,345 shares of the real estate investment trust's stock valued at $702,000 after buying an additional 70 shares during the last quarter. Mackenzie Financial Corp boosted its position in Public Storage by 7.5% in the 1st quarter. Mackenzie Financial Corp now owns 78,777 shares of the real estate investment trust's stock valued at $23,577,000 after buying an additional 5,485 shares during the last quarter. Carrera Capital Advisors boosted its position in Public Storage by 16.1% in the 1st quarter. Carrera Capital Advisors now owns 10,288 shares of the real estate investment trust's stock valued at $3,079,000 after buying an additional 1,427 shares during the last quarter. Finally, TCW Group Inc. boosted its position in Public Storage by 5.2% in the 1st quarter. TCW Group Inc. now owns 13,696 shares of the real estate investment trust's stock valued at $4,099,000 after buying an additional 676 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PSA. Wells Fargo & Company cut their target price on shares of Public Storage from $330.00 to $320.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 23rd. BNP Paribas upgraded shares of Public Storage to a "strong-buy" rating in a research note on Tuesday, June 24th. Scotiabank upped their target price on shares of Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a research note on Monday, May 12th. BMO Capital Markets lowered shares of Public Storage from an "outperform" rating to a "market perform" rating and cut their target price for the company from $340.00 to $325.00 in a research note on Friday, June 20th. Finally, Royal Bank Of Canada dropped their price objective on shares of Public Storage from $328.00 to $309.00 and set a "sector perform" rating on the stock in a research note on Friday. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $335.57.

Public Storage Stock Performance

NYSE PSA traded up $7.40 on Friday, hitting $279.34. The stock had a trading volume of 1,539,812 shares, compared to its average volume of 910,449. The company's 50-day moving average is $293.33 and its two-hundred day moving average is $295.77. The company has a quick ratio of 0.55, a current ratio of 1.77 and a debt-to-equity ratio of 2.04. The stock has a market cap of $49.00 billion, a price-to-earnings ratio of 30.46, a P/E/G ratio of 3.97 and a beta of 0.86. Public Storage has a one year low of $256.60 and a one year high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.23 by $0.05. The business had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.20 billion. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The business's revenue was up 2.4% on a year-over-year basis. During the same period last year, the firm posted $4.23 earnings per share. On average, analysts expect that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Thursday, June 12th were issued a $3.00 dividend. The ex-dividend date was Thursday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.3%. Public Storage's dividend payout ratio (DPR) is 130.86%.

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.