Principal Financial Group Inc. Sells 11,390 Shares of Public Storage $PSA

Key Points

• Principal Financial Group reduced its stake in Public Storage by 4.6% in the first quarter, selling 11,390 shares and leaving it with 234,612 shares valued at about $63.6 million.
• Public Storage reported quarterly EPS of $2.71, beating analysts’ estimates of $2.42, while revenue came in at $1.22 billion and essentially matched expectations.
• Analysts remain cautious overall, with the stock carrying a Hold consensus rating and an average price target of $325.37; the company also recently paid a quarterly dividend of $3.00 per share.

Principal Financial Group Inc. cut its position in shares of Public Storage (NYSE:PSA - Free Report) by 4.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 234,612 shares of the real estate investment trust's stock after selling 11,390 shares during the period. Principal Financial Group Inc. owned 0.13% of Public Storage worth $63,552,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Bayban acquired a new position in Public Storage during the fourth quarter worth approximately $26,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Public Storage in the third quarter valued at approximately $27,000. Wealth Watch Advisors INC acquired a new stake in shares of Public Storage in the third quarter valued at approximately $34,000. Raiffeisen Bank International AG boosted its stake in shares of Public Storage by 35.2% during the 4th quarter. Raiffeisen Bank International AG now owns 142 shares of the real estate investment trust's stock worth $37,000 after acquiring an additional 37 shares during the period. Finally, Knuff & Co LLC bought a new position in shares of Public Storage during the 4th quarter worth approximately $38,000. 78.79% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Nathaniel A. Vitan sold 950 shares of the firm's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $324.81, for a total transaction of $308,569.50. Following the transaction, the insider directly owned 1,414 shares of the company's stock, valued at approximately $459,281.34. This trade represents a 40.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 11.10% of the company's stock.

Analysts Set New Price Targets

PSA has been the topic of a number of research analyst reports. Royal Bank Of Canada increased their price target on Public Storage from $301.00 to $305.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 29th. Mizuho upped their price objective on shares of Public Storage from $301.00 to $316.00 and gave the company a "neutral" rating in a report on Wednesday, May 27th. BMO Capital Markets increased their price objective on shares of Public Storage from $305.00 to $340.00 and gave the company a "market perform" rating in a research report on Monday, June 15th. Barclays restated an "equal weight" rating and set a $349.00 target price on shares of Public Storage in a research note on Friday, July 10th. Finally, Weiss Ratings raised shares of Public Storage from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, June 12th. Seven equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $325.37.

Public Storage Stock Performance

NYSE:PSA opened at $324.37 on Friday. The stock has a 50 day simple moving average of $314.12 and a 200 day simple moving average of $297.78. The stock has a market cap of $56.94 billion, a P/E ratio of 33.47, a PEG ratio of 4.23 and a beta of 0.96. Public Storage has a 1-year low of $256.54 and a 1-year high of $331.79. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 2.02.

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 analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $1.22 billion. During the same period in the prior year, the firm posted $4.12 EPS. The company's revenue for the quarter was down .1% on a year-over-year basis. Public Storage has set its FY 2026 guidance at 16.350-17.000 EPS. Research analysts anticipate that Public Storage will post 16.94 earnings per share for the current year.

Public Storage Announces Dividend

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

Public Storage Company 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.

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