Public Storage (NYSE:PSA) Shares Sold by Skandinaviska Enskilda Banken AB publ

Key Points

• Skandinaviska Enskilda Banken AB has reduced its stake in Public Storage (NYSE:PSA) by 13.1%, now holding 105,299 shares valued at approximately $31.5 million.
• Public Storage reported earnings of $4.12 per share, exceeding analysts' expectations, while also declaring a quarterly dividend of $3.00, providing an annual yield of 4.17%.
• Several brokerages have adjusted their price targets for Public Storage, with an average price target of $336.93 and a consensus rating of "Moderate Buy."

Skandinaviska Enskilda Banken AB publ cut its stake in shares of Public Storage (NYSE:PSA - Free Report) by 13.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 105,299 shares of the real estate investment trust's stock after selling 15,838 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned approximately 0.06% of Public Storage worth $31,515,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ameriflex Group Inc. purchased a new stake in Public Storage during the fourth quarter worth approximately $30,000. Strategic Investment Solutions Inc. IL purchased a new stake in Public Storage during the fourth quarter worth approximately $32,000. Opal Wealth Advisors LLC purchased a new stake in Public Storage during the first quarter worth approximately $36,000. Parvin Asset Management LLC purchased a new stake in Public Storage in the fourth quarter valued at approximately $38,000. Finally, Wayfinding Financial LLC purchased a new stake in Public Storage in the first quarter valued at approximately $41,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Price Performance

Shares of NYSE PSA traded down $1.36 during trading on Wednesday, hitting $291.21. 174,802 shares of the company were exchanged, compared to its average volume of 796,715. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.55 and a quick ratio of 0.55. Public Storage has a 1 year low of $256.60 and a 1 year high of $369.99. The company has a market cap of $51.09 billion, a price-to-earnings ratio of 28.92, a PEG ratio of 4.17 and a beta of 0.86. The firm's fifty day moving average price is $294.30 and its 200 day moving average price is $296.02.

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

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Thursday, June 12th were paid a dividend of $3.00 per share. The ex-dividend date of this dividend was Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.12%. Public Storage's dividend payout ratio (DPR) is presently 119.17%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Evercore ISI boosted their price objective on Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a research note on Friday, May 2nd. Wells Fargo & Company reduced their price objective on Public Storage from $330.00 to $320.00 and set an "overweight" rating for the company in a research note on Wednesday, July 23rd. Barclays reduced their price objective on Public Storage from $354.00 to $351.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. Truist Financial upgraded Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective for the company in a research note on Thursday, April 10th. Finally, BNP Paribas upgraded Public Storage to a "strong-buy" rating in a research note on Tuesday, June 24th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Public Storage presently has a consensus rating of "Moderate Buy" and a consensus price target of $336.93.

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.