Praxis Investment Management Inc. Cuts Holdings in Public Storage $PSA

Key Points

• Praxis Investment Management Inc. significantly reduced its holdings in Public Storage by 67.5% during the second quarter, owning only 1,300 shares worth approximately $381,000 at the end of the reporting period.
• Other hedge funds, such as Wealth Enhancement Advisory Services LLC and Asset Management One Co. Ltd., have increased their stakes in Public Storage, illustrating mixed signals in institutional interest.
• Public Storage recently announced a quarterly dividend of $3.00 per share, with a yield of 3.9%, but has a high dividend payout ratio of 130.86%.

Praxis Investment Management Inc. lowered its holdings in Public Storage (NYSE:PSA - Free Report) by 67.5% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 1,300 shares of the real estate investment trust's stock after selling 2,700 shares during the quarter. Praxis Investment Management Inc.'s holdings in Public Storage were worth $381,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Public Storage by 12.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 44,236 shares of the real estate investment trust's stock valued at $13,240,000 after acquiring an additional 4,746 shares during the last quarter. Asset Management One Co. Ltd. increased its holdings in shares of Public Storage by 1.2% in the 1st quarter. Asset Management One Co. Ltd. now owns 310,601 shares of the real estate investment trust's stock valued at $92,960,000 after acquiring an additional 3,627 shares during the last quarter. Private Trust Co. NA increased its holdings in shares of Public Storage by 228.1% in the 1st quarter. Private Trust Co. NA now owns 2,139 shares of the real estate investment trust's stock valued at $640,000 after acquiring an additional 1,487 shares during the last quarter. Summit Trail Advisors LLC increased its holdings in shares of Public Storage by 43.3% in the 1st quarter. Summit Trail Advisors LLC now owns 3,619 shares of the real estate investment trust's stock valued at $1,083,000 after acquiring an additional 1,093 shares during the last quarter. Finally, TCW Group Inc. increased its holdings in shares of Public Storage by 5.2% in the 1st quarter. TCW Group Inc. now owns 13,696 shares of the real estate investment trust's stock valued at $4,099,000 after acquiring an additional 676 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Stock Up 0.3%

Public Storage stock opened at $307.77 on Friday. Public Storage has a twelve month low of $256.60 and a twelve month high of $355.87. The stock has a 50 day moving average of $289.77 and a two-hundred day moving average of $291.73. 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 stock has a market capitalization of $54.00 billion, a price-to-earnings ratio of 33.56, a PEG ratio of 5.02 and a beta of 0.89.

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 analysts' consensus estimates of $4.23 by $0.05. Public Storage had a return on equity of 34.06% and a net margin of 38.13%.The company had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.20 billion. During the same period last year, the firm earned $4.23 EPS. The firm's revenue for the quarter was up 2.4% on a year-over-year basis. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. As a group, research analysts expect that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend was Monday, September 15th. Public Storage's dividend payout ratio (DPR) is presently 130.86%.

Analysts Set New Price Targets

PSA has been the topic of a number of recent analyst reports. Evercore ISI increased their price objective on Public Storage from $312.00 to $317.00 and gave the company a "cautious" rating in a report on Friday, October 3rd. Wall Street Zen cut Public Storage from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. UBS Group decreased their target price on Public Storage from $305.00 to $295.00 and set a "neutral" rating for the company in a research report on Tuesday, September 16th. Royal Bank Of Canada decreased their target price on Public Storage from $328.00 to $309.00 and set a "sector perform" rating for the company in a research report on Friday, August 1st. Finally, Deutsche Bank Aktiengesellschaft raised Public Storage from a "hold" rating to a "buy" rating and set a $325.00 target price for the company in a research report on Monday, October 13th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Public Storage has an average rating of "Moderate Buy" and an average price target of $324.92.

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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