JPMorgan Chase & Co. Sells 39,359 Shares of Public Storage (NYSE:PSA)

Key Points

• JPMorgan Chase & Co. has reduced its holdings in Public Storage by 1.3%, now owning 3,053,102 shares valued at approximately $913.76 million.
• Public Storage reported earnings of $4.28 per share for the latest quarter, slightly surpassing analysts' expectations of $4.23, with quarterly revenue stabilizing at $1.20 billion.
• Equities analysts have varied ratings on Public Storage, with a recent downgrade from Wall Street Zen to a "sell" rating, while others have raised price targets, including Bank of America's increase to $380.00 with a "buy" rating.

JPMorgan Chase & Co. trimmed its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 1.3% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,053,102 shares of the real estate investment trust's stock after selling 39,359 shares during the quarter. JPMorgan Chase & Co. owned 1.74% of Public Storage worth $913,763,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of PSA. Shum Financial Group Inc. boosted its position in 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 during the last quarter. Lido Advisors LLC boosted its position in 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 during the last quarter. Meeder Advisory Services Inc. boosted its position in 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 during the last quarter. Meeder Asset Management Inc. boosted its position in 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 during the last quarter. Finally, Integrated Advisors Network LLC boosted its position in 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 during the last quarter. 78.79% of the stock is owned by institutional investors.

Public Storage Stock Down 0.7%

PSA stock opened at $281.88 on Monday. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 1.77. The stock has a market capitalization of $49.46 billion, a price-to-earnings ratio of 30.74, a PEG ratio of 4.11 and a beta of 0.86. The business's fifty day moving average price is $291.28 and its two-hundred day moving average price is $295.36. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, topping the consensus estimate of $4.23 by $0.05. The firm had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.20 billion. Public Storage had a return on equity of 34.06% and a net margin of 38.13%. The company's quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the business earned $4.23 EPS. On average, equities analysts anticipate that Public Storage will post 16.7 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Wall Street Zen downgraded Public Storage from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Bank of America increased their price objective on Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a report on Tuesday, May 13th. Mizuho increased their price objective on Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a report on Wednesday, May 28th. Scotiabank increased their price objective on Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a report on Monday, May 12th. Finally, BMO Capital Markets downgraded Public Storage from an "outperform" rating to a "market perform" rating and cut their price objective for the company from $340.00 to $325.00 in a report on Friday, June 20th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $335.43.

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.

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