IFM Investors Pty Ltd Sells 5,588 Shares of Public Storage $PSA

Key Points

• IFM Investors Pty Ltd reduced its stake in Public Storage by 9.0%, selling 5,588 shares during the 2nd quarter, leaving them with 56,165 shares valued at approximately $16.48 million.
• Public Storage recently announced a quarterly dividend of $3.00 per share, representing an annualized dividend of $12.00 with a yield of 4.2%.
• Research analysts have lowered price targets for Public Storage, with Royal Bank of Canada reducing its target from $328.00 to $309.00 and other firms adjusting their ratings, resulting in a consensus rating of "Moderate Buy."

IFM Investors Pty Ltd lessened its holdings in Public Storage (NYSE:PSA - Free Report) by 9.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 56,165 shares of the real estate investment trust's stock after selling 5,588 shares during the period. IFM Investors Pty Ltd's holdings in Public Storage were worth $16,480,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Clare Market Investments LLC increased its position in Public Storage by 311.3% in the second quarter. Clare Market Investments LLC now owns 4,232 shares of the real estate investment trust's stock worth $1,242,000 after purchasing an additional 3,203 shares during the last quarter. Baker Tilly Wealth Management LLC boosted its stake in Public Storage by 30.1% during the second quarter. Baker Tilly Wealth Management LLC now owns 1,955 shares of the real estate investment trust's stock worth $573,000 after buying an additional 452 shares during the period. Marshall Financial Group LLC purchased a new position in Public Storage during the second quarter worth $879,000. NorthCrest Asset Manangement LLC purchased a new position in Public Storage during the second quarter worth $330,000. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in Public Storage by 74.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 77,215 shares of the real estate investment trust's stock worth $22,880,000 after buying an additional 32,979 shares during the period. Institutional investors own 78.79% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. 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 for the company in a research note on Friday, August 1st. JPMorgan Chase & Co. lowered their target price on shares of Public Storage from $324.00 to $321.00 and set an "overweight" rating for the company in a research note on Friday, September 12th. Barclays lowered their target price on shares of Public Storage from $351.00 to $349.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. BNP Paribas Exane initiated coverage on shares of Public Storage in a research note on Tuesday, June 24th. They set an "outperform" rating and a $331.00 target price for the company. Finally, UBS Group lowered their target price on shares of Public Storage from $305.00 to $295.00 and set a "neutral" rating for the company in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, Public Storage has a consensus rating of "Moderate Buy" and an average price target of $322.00.

Public Storage Stock Down 0.1%

NYSE:PSA opened at $283.92 on Friday. Public Storage has a 1-year low of $256.60 and a 1-year high of $369.99. The company has a 50-day moving average of $286.98 and a 200 day moving average of $292.97. The firm has a market cap of $49.81 billion, a PE ratio of 30.96, a price-to-earnings-growth ratio of 4.72 and a beta of 0.86. 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 released its quarterly earnings data 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 company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same period in the prior year, the firm earned $4.23 earnings per share. The firm's revenue for the quarter was up 2.4% compared to the same quarter last year. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. As a group, research analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

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

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.

Want to see what other hedge funds are holding PSA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Storage (NYSE:PSA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.