Pictet Asset Management Holding SA Lowers Holdings in Public Storage $PSA

Key Points

• Pictet Asset Management cut its stake in Public Storage by 13.0% in the first quarter, selling 10,782 shares and leaving it with 72,411 shares valued at about $19.6 million.
• Public Storage reported better-than-expected quarterly earnings of $2.71 per share, topping consensus estimates, while revenue came in at $1.22 billion and was roughly flat year over year.
• The REIT paid a quarterly dividend of $3.00 per share, equal to $12.00 annually for a 3.7% yield, though its payout ratio is high at 123.84%.

Pictet Asset Management Holding SA reduced its stake in shares of Public Storage (NYSE:PSA - Free Report) by 13.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,411 shares of the real estate investment trust's stock after selling 10,782 shares during the quarter. Pictet Asset Management Holding SA's holdings in Public Storage were worth $19,612,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of PSA. Yoder Wealth Management Inc. increased its holdings in Public Storage by 8.3% in the 1st quarter. Yoder Wealth Management Inc. now owns 1,054 shares of the real estate investment trust's stock valued at $286,000 after acquiring an additional 81 shares during the last quarter. OLD National Bancorp IN boosted its holdings in shares of Public Storage by 4.1% during the 1st quarter. OLD National Bancorp IN now owns 34,808 shares of the real estate investment trust's stock valued at $9,429,000 after purchasing an additional 1,378 shares during the last quarter. Louisiana State Employees Retirement System purchased a new position in shares of Public Storage during the first quarter valued at about $2,167,000. Kestra Private Wealth Services LLC grew its position in shares of Public Storage by 72.2% during the first quarter. Kestra Private Wealth Services LLC now owns 7,526 shares of the real estate investment trust's stock valued at $2,039,000 after purchasing an additional 3,155 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC increased its holdings in shares of Public Storage by 12.0% in the first quarter. Fifth Third Wealth Advisors LLC now owns 2,487 shares of the real estate investment trust's stock worth $674,000 after purchasing an additional 266 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Stock Up 1.5%

Shares of Public Storage stock opened at $323.20 on Thursday. The firm's 50 day moving average price is $310.06 and its 200-day moving average price is $293.24. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 2.02. Public Storage has a 52-week low of $256.54 and a 52-week high of $331.79. The company has a market cap of $56.74 billion, a P/E ratio of 33.35, a PEG ratio of 4.28 and a beta of 0.96.

Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings data on Monday, April 27th. The real estate investment trust reported $2.71 EPS for the quarter, beating the consensus estimate of $2.42 by $0.29. Public Storage had a return on equity of 37.78% and a net margin of 39.16%.The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the prior year, the business posted $4.12 EPS. The business's revenue for the quarter was down .1% compared to the same quarter last year. Public Storage has set its FY 2026 guidance at 16.350-17.000 EPS. On average, sell-side analysts predict that Public Storage will post 16.94 EPS for the current fiscal year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a dividend of $3.00 per share. The ex-dividend date was Monday, June 15th. This represents a $12.00 dividend on an annualized basis and a yield of 3.7%. Public Storage's dividend payout ratio is presently 123.84%.

Insider Transactions at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 950 shares of Public Storage stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $324.81, for a total transaction of $308,569.50. Following the completion of the sale, the insider owned 1,414 shares of the company's stock, valued at approximately $459,281.34. The trade was a 40.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 11.10% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

PSA has been the subject of a number of research reports. Wall Street Zen upgraded Public Storage from a "sell" rating to a "hold" rating in a research report on Saturday, May 2nd. UBS Group reissued a "neutral" rating on shares of Public Storage in a research note on Monday, June 22nd. William Blair set a $305.00 price target on Public Storage in a research note on Monday, March 16th. Scotiabank boosted their price objective on Public Storage from $340.00 to $342.00 and gave the company a "sector outperform" rating in a report on Thursday, June 18th. Finally, Truist Financial upped their price target on shares of Public Storage from $302.00 to $338.00 and gave the stock a "buy" rating in a report on Tuesday, June 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $324.68.

Public Storage Profile

Public Storage NYSE: PSA is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company's core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.