OMERS ADMINISTRATION Corp Reduces Stock Holdings in Public Storage $PSA

Key Points

• OMERS ADMINISTRATION Corp reduced its stake in Public Storage (PSA) by 14.2% in the first quarter, now holding 5,693 shares valued at approximately $1.7 million.
• Public Storage recently surpassed analysts' earnings expectations with a reported $4.28 EPS for the last quarter, exceeding the consensus estimate of $4.23.
• The company announced a quarterly dividend of $3.00, representing an annualized yield of 4.1%, with a payout ratio of 130.86%.

OMERS ADMINISTRATION Corp decreased its position in shares of Public Storage (NYSE:PSA - Free Report) by 14.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,693 shares of the real estate investment trust's stock after selling 939 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Public Storage were worth $1,704,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Ameriflex Group Inc. acquired a new position in Public Storage in the 4th quarter valued at about $30,000. Spectrum Wealth Counsel LLC acquired a new position in Public Storage in the first quarter valued at about $30,000. Opal Wealth Advisors LLC acquired a new position in Public Storage in the first quarter valued at about $36,000. Wayfinding Financial LLC acquired a new position in Public Storage in the first quarter valued at about $41,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Public Storage in the fourth quarter valued at about $43,000. Institutional investors and hedge funds own 78.79% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Bank of America upped their target price on shares of Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. BMO Capital Markets cut shares of Public Storage from an "outperform" rating to a "market perform" rating and reduced their price target for the stock from $340.00 to $325.00 in a research report on Friday, June 20th. Scotiabank reduced their price target on shares of Public Storage from $340.00 to $333.00 and set a "sector outperform" rating on the stock in a research report on Thursday, August 28th. BNP Paribas raised shares of Public Storage to a "strong-buy" rating in a research report on Tuesday, June 24th. Finally, Wall Street Zen cut shares of Public Storage from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $331.62.

Public Storage Stock Down 0.1%

NYSE:PSA traded down $0.33 during mid-day trading on Thursday, hitting $291.43. The stock had a trading volume of 372,708 shares, compared to its average volume of 790,843. The stock has a 50-day simple moving average of $287.56 and a two-hundred day simple moving average of $293.96. The company has a market capitalization of $51.13 billion, a PE ratio of 31.75, a PEG ratio of 4.89 and a beta of 0.86. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.04.

Public Storage (NYSE:PSA - Get Free Report) last issued its 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 firm had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.20 billion. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The firm's revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the company earned $4.23 earnings per share. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. On average, equities research analysts anticipate that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a $3.00 dividend. 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 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.