Pacer Advisors Inc. Reduces Holdings in Public Storage (NYSE:PSA)

Key Points

• Pacer Advisors Inc. reduced its stake in Public Storage by 7.9%, selling 6,954 shares, and now holds 80,900 shares valued at approximately $24.21 million.
• Public Storage recently reported a quarterly earnings per share of $4.12, exceeding analysts' expectations of $4.06, with a year-over-year revenue increase of 0.1% to $1.18 billion.
• The company announced a quarterly dividend of $3.00 per share, resulting in an annualized dividend of $12.00 and a dividend yield of 4.17%.

Pacer Advisors Inc. trimmed its position in Public Storage (NYSE:PSA - Free Report) by 7.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 80,900 shares of the real estate investment trust's stock after selling 6,954 shares during the quarter. Pacer Advisors Inc.'s holdings in Public Storage were worth $24,213,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Proficio Capital Partners LLC bought a new stake in shares of Public Storage during the fourth quarter worth $221,000. LPL Financial LLC grew its stake in shares of Public Storage by 20.9% during the fourth quarter. LPL Financial LLC now owns 88,354 shares of the real estate investment trust's stock worth $26,457,000 after buying an additional 15,283 shares during the last quarter. Modern Wealth Management LLC grew its stake in shares of Public Storage by 81.1% during the fourth quarter. Modern Wealth Management LLC now owns 1,349 shares of the real estate investment trust's stock worth $409,000 after buying an additional 604 shares during the last quarter. Korea Investment CORP grew its stake in shares of Public Storage by 29.0% during the fourth quarter. Korea Investment CORP now owns 89,924 shares of the real estate investment trust's stock worth $26,927,000 after buying an additional 20,233 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Public Storage by 7.6% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 358,694 shares of the real estate investment trust's stock worth $107,770,000 after buying an additional 25,297 shares during the last quarter. 78.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on PSA shares. Truist Financial upgraded shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target on the stock in a report on Thursday, April 10th. Bank of America lifted their price target on shares of Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Royal Bank Of Canada cut their price target on shares of Public Storage from $329.00 to $328.00 and set a "sector perform" rating on the stock in a report on Friday, May 2nd. Evercore ISI lifted their price target on shares of Public Storage from $297.00 to $309.00 and gave the stock an "in-line" rating in a report on Friday, May 2nd. Finally, Barclays cut their price target on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a report on Friday, May 16th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Public Storage has a consensus rating of "Moderate Buy" and a consensus price target of $336.93.

Public Storage Trading Up 0.1%

Shares of PSA stock traded up $0.39 on Friday, hitting $287.70. 674,373 shares of the company's stock traded hands, compared to its average volume of 860,752. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.55 and a current ratio of 0.55. Public Storage has a one year low of $256.60 and a one year high of $369.99. The company's fifty day simple moving average is $295.05 and its 200 day simple moving average is $296.06. The stock has a market capitalization of $50.47 billion, a price-to-earnings ratio of 28.57, a P/E/G ratio of 4.19 and a beta of 0.86.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.06 by $0.06. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.18 billion. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The company's revenue was up .1% on a year-over-year basis. During the same quarter last year, the firm earned $4.03 EPS. Equities analysts forecast that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Thursday, June 12th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.17%. The ex-dividend date was Thursday, June 12th. Public Storage's dividend payout ratio (DPR) is presently 119.17%.

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.