Y Intercept Hong Kong Ltd Lowers Stake in Public Storage (NYSE:PSA)

Y Intercept Hong Kong Ltd trimmed its position in Public Storage (NYSE:PSA - Free Report) by 69.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,432 shares of the real estate investment trust's stock after selling 14,724 shares during the period. Y Intercept Hong Kong Ltd's holdings in Public Storage were worth $1,925,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of PSA. Ameriflex Group Inc. purchased a new position in Public Storage in the fourth quarter worth about $30,000. Strategic Investment Solutions Inc. IL bought a new stake in Public Storage during the fourth quarter valued at about $32,000. Opal Wealth Advisors LLC bought a new stake in Public Storage during the first quarter valued at about $36,000. Millstone Evans Group LLC purchased a new position in shares of Public Storage during the 4th quarter valued at about $38,000. Finally, Parvin Asset Management LLC bought a new stake in Public Storage during the 4th quarter worth approximately $38,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PSA has been the topic of a number of recent analyst reports. Wells Fargo & Company decreased their target price on shares of Public Storage from $330.00 to $320.00 and set an "overweight" rating on the stock in a research note on Wednesday. Barclays lowered their price target on Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a report on Friday, May 16th. Scotiabank boosted their price target on Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a report on Monday, May 12th. BNP Paribas raised Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. Finally, BMO Capital Markets cut Public Storage from an "outperform" rating to a "market perform" rating and lowered their price target for the stock from $340.00 to $325.00 in a report on Friday, June 20th. Six equities 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's stock. According to MarketBeat.com, Public Storage presently has an average rating of "Moderate Buy" and an average price target of $336.93.

Public Storage Price Performance

Shares of PSA stock traded up $0.39 on Friday, reaching $287.70. The company's stock had a trading volume of 674,373 shares, compared to its average volume of 886,742. The stock's fifty day simple moving average is $295.05 and its 200-day simple moving average is $296.05. Public Storage has a 1 year low of $256.60 and a 1 year high of $369.99. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.77. The company has a market capitalization of $50.47 billion, a price-to-earnings ratio of 28.57, a price-to-earnings-growth ratio of 4.19 and a beta of 0.86.

Public Storage (NYSE:PSA - Get Free Report) last released its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, beating the consensus estimate of $4.06 by $0.06. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.18 billion. Public Storage had a return on equity of 36.50% and a net margin of 41.74%. The company's revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.03 EPS. Analysts forecast that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Thursday, June 12th were given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.17%. The ex-dividend date was Thursday, June 12th. Public Storage's dividend payout ratio is currently 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.