KLP Kapitalforvaltning AS Has $18.64 Million Holdings in Public Storage $PSA

Key Points

• KLP Kapitalforvaltning AS has reduced its stake in Public Storage by 20.7%, now holding approximately $18.64 million in assets.
• Analysts have varied ratings for Public Storage, with price targets adjusted downwards by several firms, leading to a current consensus rating of "Moderate Buy".
• Public Storage recently declared a quarterly dividend of $3.00, with an annualized yield of 4.1%, despite having a high dividend payout ratio of 130.86%.

KLP Kapitalforvaltning AS lessened its stake in Public Storage (NYSE:PSA - Free Report) by 20.7% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 63,514 shares of the real estate investment trust's stock after selling 16,600 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Public Storage were worth $18,636,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Retirement Planning Co of New England Inc. grew its stake in shares of Public Storage by 1.6% in the first quarter. Retirement Planning Co of New England Inc. now owns 2,084 shares of the real estate investment trust's stock valued at $624,000 after acquiring an additional 33 shares in the last quarter. Shum Financial Group Inc. grew its stake in shares of Public Storage by 1.7% in the first quarter. Shum Financial Group Inc. now owns 2,089 shares of the real estate investment trust's stock valued at $625,000 after acquiring an additional 35 shares in the last quarter. Whitener Capital Management Inc. grew its stake in shares of Public Storage by 2.3% in the second quarter. Whitener Capital Management Inc. now owns 1,610 shares of the real estate investment trust's stock valued at $472,000 after acquiring an additional 36 shares in the last quarter. Mather Group LLC. grew its stake in shares of Public Storage by 4.6% in the second quarter. Mather Group LLC. now owns 864 shares of the real estate investment trust's stock valued at $253,000 after acquiring an additional 38 shares in the last quarter. Finally, Meeder Advisory Services Inc. grew its stake in shares of Public Storage by 1.1% in the first quarter. Meeder Advisory Services Inc. now owns 3,581 shares of the real estate investment trust's stock valued at $1,072,000 after acquiring an additional 39 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

Analyst Ratings Changes

PSA has been the topic of several research reports. Barclays decreased their price target 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. BMO Capital Markets downgraded shares of Public Storage from an "outperform" rating to a "market perform" rating and reduced their price objective for the stock from $340.00 to $325.00 in a research note on Friday, June 20th. BNP Paribas Exane assumed coverage on shares of Public Storage in a research note on Tuesday, June 24th. They set an "outperform" rating and a $331.00 price objective on the stock. Wall Street Zen downgraded shares of Public Storage from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Finally, Scotiabank reduced their price objective on shares of Public Storage from $340.00 to $333.00 and set a "sector outperform" rating on the stock in a research note on Thursday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $322.92.

Public Storage Trading Down 0.0%

PSA opened at $293.39 on Thursday. The company's 50 day moving average is $286.88 and its 200-day moving average is $291.46. Public Storage has a 1-year low of $256.60 and a 1-year high of $355.87. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.04. The company has a market cap of $51.48 billion, a P/E ratio of 31.99, a PEG ratio of 4.87 and a beta of 0.89.

Public Storage (NYSE:PSA - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, beating 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 for the quarter, compared to the consensus estimate of $1.20 billion. During the same period last year, the company posted $4.23 EPS. The firm's quarterly revenue 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. Equities research analysts predict that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Monday, September 15th. Public Storage's dividend payout ratio (DPR) is 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.

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