Guggenheim Capital LLC Lowers Stock Holdings in Public Storage $PSA

Key Points

• Guggenheim Capital LLC reduced its holdings in Public Storage shares by 14.8%, owning 39,243 shares valued at approximately $11.75 million after selling 6,804 shares.
• Public Storage reported an earnings per share (EPS) of $4.28 for the latest quarter, exceeding the consensus estimate by $0.05, with revenues of $1.20 billion.
• The company announced a quarterly dividend of $3.00 per share, leading to an annualized dividend yield of 4.1%, despite a relatively high dividend payout ratio of 130.86%.

Guggenheim Capital LLC lessened its holdings in Public Storage (NYSE:PSA - Free Report) by 14.8% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 39,243 shares of the real estate investment trust's stock after selling 6,804 shares during the period. Guggenheim Capital LLC's holdings in Public Storage were worth $11,745,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. CreativeOne Wealth LLC raised its position in shares of Public Storage by 7.1% in the first quarter. CreativeOne Wealth LLC now owns 726 shares of the real estate investment trust's stock worth $217,000 after buying an additional 48 shares in the last quarter. Ieq Capital LLC raised its position in shares of Public Storage by 2.7% in the first quarter. Ieq Capital LLC now owns 15,068 shares of the real estate investment trust's stock worth $4,510,000 after buying an additional 397 shares in the last quarter. Harvest Portfolios Group Inc. raised its position in shares of Public Storage by 40.3% in the first quarter. Harvest Portfolios Group Inc. now owns 5,227 shares of the real estate investment trust's stock worth $1,564,000 after buying an additional 1,502 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its position in shares of Public Storage by 7.6% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 210,271 shares of the real estate investment trust's stock worth $62,932,000 after buying an additional 14,786 shares in the last quarter. Finally, Freedom Investment Management Inc. raised its position in shares of Public Storage by 37.1% in the first quarter. Freedom Investment Management Inc. now owns 1,294 shares of the real estate investment trust's stock worth $387,000 after buying an additional 350 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

Analyst Upgrades and Downgrades

PSA has been the topic of a number of research analyst reports. Wall Street Zen cut Public Storage from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Barclays reduced their target price on Public Storage from $351.00 to $349.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. BMO Capital Markets cut Public Storage from an "outperform" rating to a "market perform" rating and reduced their target price for the company from $340.00 to $325.00 in a research note on Friday, June 20th. Wells Fargo & Company reduced their target price on Public Storage from $330.00 to $320.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 23rd. Finally, Scotiabank reduced their target price 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. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $331.62.

Public Storage Stock Down 1.1%

Shares of PSA traded down $3.30 on Tuesday, hitting $291.30. 309,707 shares of the stock traded hands, compared to its average volume of 790,656. The company has a market capitalization of $51.11 billion, a PE ratio of 31.82, a P/E/G ratio of 4.89 and a beta of 0.86. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.77 and a current ratio of 1.77. The business has a 50 day simple moving average of $287.68 and a 200 day simple moving average of $294.02. 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 earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, topping analysts' consensus estimates of $4.23 by $0.05. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the previous year, the firm posted $4.23 EPS. The firm's revenue 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 forecast that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Monday, September 15th. Public Storage's dividend payout ratio (DPR) is currently 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.