Public Storage (NYSE:PSA) Shares Sold by Gulf International Bank UK Ltd

Key Points

• Gulf International Bank UK Ltd reduced its holdings in Public Storage (NYSE:PSA) by 26.3% in the first quarter, now owning 9,127 shares valued at approximately $2.73 million.
• Recent analyst ratings for Public Storage show mixed sentiments, with target prices ranging from $309.00 to $380.00 and an overall average rating of "Moderate Buy".
• Public Storage reported earnings of $4.28 per share for the last quarter, exceeding expectations and reflecting a 2.4% year-over-year revenue growth.

Gulf International Bank UK Ltd reduced its position in shares of Public Storage (NYSE:PSA - Free Report) by 26.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,127 shares of the real estate investment trust's stock after selling 3,257 shares during the quarter. Gulf International Bank UK Ltd's holdings in Public Storage were worth $2,731,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Shum Financial Group Inc. boosted its stake in shares of Public Storage by 1.7% during the 1st quarter. Shum Financial Group Inc. now owns 2,089 shares of the real estate investment trust's stock worth $625,000 after acquiring an additional 35 shares in the last quarter. Lido Advisors LLC boosted its stake in shares of Public Storage by 0.9% during the 4th quarter. Lido Advisors LLC now owns 4,298 shares of the real estate investment trust's stock worth $1,287,000 after acquiring an additional 39 shares in the last quarter. Meeder Advisory Services Inc. boosted its stake in shares of Public Storage by 1.1% during the 1st quarter. Meeder Advisory Services Inc. now owns 3,581 shares of the real estate investment trust's stock worth $1,072,000 after acquiring an additional 39 shares in the last quarter. Meeder Asset Management Inc. boosted its stake in shares of Public Storage by 3.1% during the 1st quarter. Meeder Asset Management Inc. now owns 1,295 shares of the real estate investment trust's stock worth $388,000 after acquiring an additional 39 shares in the last quarter. Finally, Integrated Advisors Network LLC boosted its stake in shares of Public Storage by 1.4% during the 4th quarter. Integrated Advisors Network LLC now owns 3,067 shares of the real estate investment trust's stock worth $918,000 after acquiring an additional 41 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on PSA. Barclays lowered their target price on shares of Public Storage from $351.00 to $349.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. BNP Paribas raised shares of Public Storage to a "strong-buy" rating in a research note on Tuesday, June 24th. 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 note on Monday, August 4th. BMO Capital Markets lowered shares of Public Storage from an "outperform" rating to a "market perform" rating and decreased their price target for the company from $340.00 to $325.00 in a research note on Friday, June 20th. Finally, Scotiabank raised their price target 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. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Public Storage currently has a consensus rating of "Moderate Buy" and an average target price of $331.93.

Public Storage Price Performance

PSA traded up $2.24 during trading on Friday, reaching $283.13. The company's stock had a trading volume of 577,248 shares, compared to its average volume of 878,676. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 2.04. The firm has a fifty day simple moving average of $289.02 and a two-hundred day simple moving average of $294.88. Public Storage has a 1 year low of $256.60 and a 1 year high of $369.99. The company has a market cap of $49.68 billion, a price-to-earnings ratio of 30.88, a PEG ratio of 4.70 and a beta of 0.86.

Public Storage (NYSE:PSA - Get Free Report) last released its 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. 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 for the quarter, compared to analyst estimates of $1.20 billion. During the same period last year, the company posted $4.23 EPS. The business's revenue was up 2.4% on a year-over-year basis. As a group, analysts anticipate that Public Storage will post 16.7 EPS for the current year.

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.