FORA Capital LLC Sells 3,220 Shares of Public Storage $PSA

Key Points

• FORA Capital LLC reduced its stake in Public Storage by 27.5%, selling 3,220 shares and now holding 8,485 shares valued at approximately $2.54 million.
• Public Storage announced a quarterly dividend of $3.00, translating to an annual dividend of $12.00, with a current dividend yield of 4.2%.
• Analysts have set a consensus price target of $335.43 for Public Storage, with two strong buy ratings and a mix of hold and buy ratings from others.

FORA Capital LLC lessened its position in shares of Public Storage (NYSE:PSA - Free Report) by 27.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 8,485 shares of the real estate investment trust's stock after selling 3,220 shares during the quarter. FORA Capital LLC's holdings in Public Storage were worth $2,539,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Harvest Portfolios Group Inc. increased its position in Public Storage by 40.3% during the first quarter. Harvest Portfolios Group Inc. now owns 5,227 shares of the real estate investment trust's stock valued at $1,564,000 after acquiring an additional 1,502 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its position in Public Storage by 7.6% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 210,271 shares of the real estate investment trust's stock worth $62,932,000 after buying an additional 14,786 shares in the last quarter. Freedom Investment Management Inc. increased its position in Public Storage by 37.1% in the first quarter. Freedom Investment Management Inc. now owns 1,294 shares of the real estate investment trust's stock worth $387,000 after buying an additional 350 shares in the last quarter. Synovus Financial Corp increased its position in Public Storage by 50.7% in the first quarter. Synovus Financial Corp now owns 5,798 shares of the real estate investment trust's stock worth $1,735,000 after buying an additional 1,951 shares in the last quarter. Finally, Jump Financial LLC purchased a new stake in Public Storage in the first quarter worth about $1,124,000. Hedge funds and other institutional investors own 78.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on PSA shares. BNP Paribas upgraded Public Storage to a "strong-buy" rating in a research report on Tuesday, June 24th. Wells Fargo & Company reduced their price target on Public Storage from $330.00 to $320.00 and set an "overweight" rating for the company in a research report on Wednesday, July 23rd. Barclays reduced their price target on Public Storage from $351.00 to $349.00 and set an "overweight" rating for the company in a research report on Friday, August 8th. Mizuho upped their price target on Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 28th. Finally, BMO Capital Markets cut Public Storage from an "outperform" rating to a "market perform" rating and cut their target price for the stock from $340.00 to $325.00 in a research report on Friday, June 20th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, Public Storage presently has a consensus rating of "Moderate Buy" and a consensus target price of $331.62.

Public Storage Price Performance

NYSE PSA traded up $3.05 during trading on Monday, hitting $294.72. 519,329 shares of the stock traded hands, compared to its average volume of 648,565. The company has a market capitalization of $51.71 billion, a P/E ratio of 32.14, a price-to-earnings-growth ratio of 4.89 and a beta of 0.86. The firm has a 50-day simple moving average of $287.68 and a 200-day simple moving average of $294.02. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 2.04. Public Storage has a 12-month low of $256.60 and a 12-month high of $369.99.

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

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.1%. The ex-dividend date is Monday, September 15th. Public Storage's dividend payout ratio (DPR) is currently 130.86%.

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.