Adelante Capital Management LLC Has $75.07 Million Position in Public Storage $PSA

Key Points

• Adelante Capital Management LLC has reduced its stake in Public Storage ($PSA) by 12.5% in Q1, now holding 250,826 shares, which constitutes 5.3% of its portfolio.
• Public Storage recently reported $4.28 EPS, exceeding estimates, along with quarterly revenues of $1.20 billion, reflecting a 2.4% increase year-over-year.
• The company declared a $3.00 quarterly dividend, representing a 4.0% yield, and has a current payout ratio of 130.86%.

Adelante Capital Management LLC decreased its position in shares of Public Storage (NYSE:PSA - Free Report) by 12.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 250,826 shares of the real estate investment trust's stock after selling 35,985 shares during the period. Public Storage accounts for 5.3% of Adelante Capital Management LLC's investment portfolio, making the stock its 4th biggest holding. Adelante Capital Management LLC owned approximately 0.14% of Public Storage worth $75,070,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Presima Securities ULC increased its position in Public Storage by 2.0% in the 1st quarter. Presima Securities ULC now owns 7,671 shares of the real estate investment trust's stock worth $2,296,000 after buying an additional 151 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in shares of Public Storage in the first quarter valued at approximately $398,000. UniSuper Management Pty Ltd grew its stake in shares of Public Storage by 1.6% in the first quarter. UniSuper Management Pty Ltd now owns 57,821 shares of the real estate investment trust's stock worth $17,305,000 after acquiring an additional 900 shares during the last quarter. Nissay Asset Management Corp Japan ADV increased its position in Public Storage by 1.4% during the first quarter. Nissay Asset Management Corp Japan ADV now owns 42,177 shares of the real estate investment trust's stock worth $12,623,000 after acquiring an additional 570 shares during the period. Finally, NewEdge Advisors LLC increased its position in Public Storage by 6.2% during the first quarter. NewEdge Advisors LLC now owns 151,130 shares of the real estate investment trust's stock worth $45,231,000 after acquiring an additional 8,888 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Price Performance

Shares of PSA traded down $1.05 during trading hours on Wednesday, hitting $289.06. The stock had a trading volume of 807,370 shares, compared to its average volume of 603,387. The stock has a market capitalization of $50.71 billion, a price-to-earnings ratio of 17.26, a P/E/G ratio of 4.82 and a beta of 0.86. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 1.77. The company's fifty day moving average is $287.66 and its two-hundred day moving average is $293.75. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, topping the consensus estimate of $4.23 by $0.05. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The firm had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.20 billion. During the same period in the prior year, the firm earned $4.23 earnings per share. The company's quarterly revenue was up 2.4% compared to the same quarter last year. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. On average, analysts anticipate that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend is Monday, September 15th. Public Storage's dividend payout ratio (DPR) is currently 130.86%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PSA. Barclays reduced their price target on shares of Public Storage from $351.00 to $349.00 and set an "overweight" rating for the company in a report on Friday, August 8th. Bank of America increased their target price on shares of Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Wells Fargo & Company decreased their target price on Public Storage from $330.00 to $320.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 23rd. Scotiabank lowered their price target on Public Storage from $340.00 to $333.00 and set a "sector outperform" rating on the stock in a research note on Thursday, August 28th. Finally, Wall Street Zen downgraded Public Storage from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, Public Storage currently has an average rating of "Moderate Buy" and a consensus price target of $331.62.

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.