Hsbc Holdings PLC Lowers Position in Public Storage $PSA

Key Points

• HSBC Holdings PLC cut its stake in Public Storage by 10.1% in the first quarter, selling 61,688 shares and ending with 549,624 shares valued at about $148.8 million.
• Public Storage reported Q1 EPS of $2.71, beating analyst expectations of $2.42, while revenue came in at $1.22 billion, in line with estimates.
• The company declared a quarterly dividend of $3.00 per share, equal to $12 annually and a 3.8% yield, though the payout ratio is high at 123.84%.

Hsbc Holdings PLC trimmed its position in shares of Public Storage (NYSE:PSA - Free Report) by 10.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 549,624 shares of the real estate investment trust's stock after selling 61,688 shares during the quarter. Hsbc Holdings PLC owned approximately 0.31% of Public Storage worth $148,808,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bayban purchased a new position in shares of Public Storage in the 4th quarter valued at approximately $26,000. Harvest Fund Management Co. Ltd purchased a new stake in Public Storage in the third quarter worth $27,000. Wealth Watch Advisors INC bought a new position in Public Storage in the third quarter worth $34,000. Raiffeisen Bank International AG raised its holdings in Public Storage by 35.2% in the fourth quarter. Raiffeisen Bank International AG now owns 142 shares of the real estate investment trust's stock worth $37,000 after purchasing an additional 37 shares in the last quarter. Finally, Knuff & Co LLC purchased a new position in Public Storage during the fourth quarter valued at $38,000. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Stock Performance

Shares of Public Storage stock opened at $318.33 on Friday. The stock has a market cap of $55.88 billion, a price-to-earnings ratio of 32.85, a PEG ratio of 4.28 and a beta of 0.96. The firm's 50-day moving average is $314.27 and its 200 day moving average is $297.92. Public Storage has a 1 year low of $256.54 and a 1 year high of $331.79. The company has a debt-to-equity ratio of 2.02, a current ratio of 0.56 and a quick ratio of 0.56.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings data on Monday, April 27th. The real estate investment trust reported $2.71 EPS for the quarter, beating the consensus estimate of $2.42 by $0.29. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. Public Storage had a net margin of 39.16% and a return on equity of 37.78%. Public Storage's revenue for the quarter was down .1% on a year-over-year basis. During the same period in the prior year, the firm posted $4.12 EPS. Public Storage has set its FY 2026 guidance at 16.350-17.000 EPS. Sell-side analysts anticipate that Public Storage will post 16.94 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a dividend of $3.00 per share. The ex-dividend date was Monday, June 15th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.8%. Public Storage's dividend payout ratio is presently 123.84%.

Insider Activity at Public Storage

In related news, insider Nathaniel A. Vitan sold 950 shares of the firm's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $324.81, for a total transaction of $308,569.50. Following the completion of the sale, the insider owned 1,414 shares of the company's stock, valued at $459,281.34. This trade represents a 40.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 11.10% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Citigroup increased their price target on shares of Public Storage from $325.00 to $363.00 and gave the stock a "buy" rating in a research note on Tuesday, June 16th. BMO Capital Markets raised their target price on shares of Public Storage from $305.00 to $340.00 and gave the company a "market perform" rating in a research note on Monday, June 15th. BNP Paribas Exane lifted their target price on shares of Public Storage from $331.00 to $335.00 and gave the company an "outperform" rating in a report on Friday, May 22nd. Jefferies Financial Group boosted their price target on Public Storage from $350.00 to $355.00 and gave the stock a "buy" rating in a research report on Wednesday, May 20th. Finally, Wall Street Zen upgraded Public Storage from a "sell" rating to a "hold" rating in a research note on Saturday, May 2nd. Seven analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $325.37.

About Public Storage

Public Storage NYSE: PSA is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company's core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.

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