Jennison Associates LLC Reduces Holdings in National Storage Affiliates Trust $NSA

Key Points

• Jennison Associates cut its stake in National Storage Affiliates Trust by 35.7% in Q4, selling 542,637 shares and finishing with 975,810 shares (about $27.5M), signaling notable institutional trimming.
• Brokerages’ views have tilted cautious: the stock carries a consensus rating of "Reduce" with a consensus price target of $33.90, below the recent share price (~$42.51), after multiple target and rating adjustments.
• NSA pays a quarterly dividend ($0.57) equating to a 5.4% yield, but has a 330.43% payout ratio and a 2.86 debt-to-equity ratio, raising concerns about dividend sustainability and leverage.

Jennison Associates LLC trimmed its position in shares of National Storage Affiliates Trust (NYSE:NSA - Free Report) by 35.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 975,810 shares of the real estate investment trust's stock after selling 542,637 shares during the quarter. Jennison Associates LLC owned 1.27% of National Storage Affiliates Trust worth $27,528,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of NSA. Bank of America Corp DE boosted its stake in shares of National Storage Affiliates Trust by 159.2% during the third quarter. Bank of America Corp DE now owns 1,163,764 shares of the real estate investment trust's stock valued at $35,169,000 after purchasing an additional 714,840 shares during the period. Hudson Bay Capital Management LP purchased a new stake in shares of National Storage Affiliates Trust during the third quarter valued at $33,082,000. Schonfeld Strategic Advisors LLC boosted its stake in shares of National Storage Affiliates Trust by 723.7% during the third quarter. Schonfeld Strategic Advisors LLC now owns 1,067,548 shares of the real estate investment trust's stock valued at $32,261,000 after purchasing an additional 937,939 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of National Storage Affiliates Trust by 1.4% during the third quarter. Dimensional Fund Advisors LP now owns 1,058,899 shares of the real estate investment trust's stock valued at $32,000,000 after purchasing an additional 14,128 shares during the period. Finally, UBS Group AG boosted its stake in shares of National Storage Affiliates Trust by 32.8% during the fourth quarter. UBS Group AG now owns 880,134 shares of the real estate investment trust's stock valued at $24,829,000 after purchasing an additional 217,234 shares during the period. 99.97% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NSA. UBS Group lowered their target price on shares of National Storage Affiliates Trust from $30.00 to $29.00 and set a "neutral" rating for the company in a research note on Thursday, January 8th. Wells Fargo & Company lowered their target price on shares of National Storage Affiliates Trust from $35.00 to $33.00 and set an "underweight" rating for the company in a research note on Thursday, February 5th. BNP Paribas Exane raised shares of National Storage Affiliates Trust from an "underperform" rating to a "neutral" rating and set a $41.00 target price for the company in a research note on Monday, March 16th. Truist Financial boosted their target price on shares of National Storage Affiliates Trust from $30.00 to $33.00 and gave the company a "hold" rating in a research note on Tuesday, January 20th. Finally, Barclays boosted their target price on shares of National Storage Affiliates Trust from $38.00 to $41.00 and gave the company an "equal weight" rating in a research note on Monday, April 20th. Twelve analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus price target of $33.90.

National Storage Affiliates Trust Stock Performance

NSA stock opened at $42.51 on Friday. The company has a debt-to-equity ratio of 2.86, a current ratio of 0.25 and a quick ratio of 0.25. The business has a 50-day moving average price of $38.26 and a 200 day moving average price of $33.27. The company has a market capitalization of $3.28 billion, a P/E ratio of 61.60 and a beta of 1.07. National Storage Affiliates Trust has a 1-year low of $27.43 and a 1-year high of $44.01.

National Storage Affiliates Trust (NYSE:NSA - Get Free Report) last released its quarterly earnings data on Wednesday, February 25th. The real estate investment trust reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.02. The firm had revenue of $187.03 million during the quarter, compared to the consensus estimate of $187.24 million. National Storage Affiliates Trust had a return on equity of 5.81% and a net margin of 9.80%.The firm's quarterly revenue was down 1.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.60 earnings per share. National Storage Affiliates Trust has set its FY 2026 guidance at 2.130-2.250 EPS. As a group, equities research analysts forecast that National Storage Affiliates Trust will post 2.21 EPS for the current fiscal year.

National Storage Affiliates Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were issued a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 5.4%. The ex-dividend date was Friday, March 13th. National Storage Affiliates Trust's payout ratio is presently 330.43%.

National Storage Affiliates Trust Profile

National Storage Affiliates Trust is a publicly traded real estate investment trust (REIT) focused on the ownership and operation of self-storage properties in the United States. Since its initial public offering in August 2015, NSA has pursued a growth strategy built on strategic acquisitions and partnerships, establishing a diversified portfolio of assets backed by a centralized support platform. The Trust’s model combines the scalability of a national REIT with the local expertise of affiliate operators.

The company’s core business involves providing flexible storage solutions to both individual and commercial customers.

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