Procyon Advisors LLC Sells 4,642 Shares of Public Storage $PSA

Key Points

• Procyon Advisors LLC reduced its holdings in Public Storage (NYSE:PSA) by 54% during Q2, now owning 3,948 shares valued at approximately $1.16 million.
• Public Storage reported $4.28 EPS for its last quarter, surpassing analyst expectations, and announced a quarterly dividend of $3.00 per share.
• Analysts have mixed ratings for Public Storage, with the consensus price target currently at $322.00, reflecting a "Moderate Buy" average rating.

Procyon Advisors LLC lessened its stake in shares of Public Storage (NYSE:PSA - Free Report) by 54.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,948 shares of the real estate investment trust's stock after selling 4,642 shares during the quarter. Procyon Advisors LLC's holdings in Public Storage were worth $1,158,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC increased its holdings in Public Storage by 12.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 44,236 shares of the real estate investment trust's stock valued at $13,240,000 after acquiring an additional 4,746 shares in the last quarter. Brighton Jones LLC increased its holdings in Public Storage by 9.7% during the 1st quarter. Brighton Jones LLC now owns 1,726 shares of the real estate investment trust's stock valued at $517,000 after acquiring an additional 152 shares in the last quarter. Asset Management One Co. Ltd. increased its holdings in Public Storage by 1.2% during the 1st quarter. Asset Management One Co. Ltd. now owns 310,601 shares of the real estate investment trust's stock valued at $92,960,000 after acquiring an additional 3,627 shares in the last quarter. Private Trust Co. NA grew its holdings in shares of Public Storage by 228.1% during the first quarter. Private Trust Co. NA now owns 2,139 shares of the real estate investment trust's stock worth $640,000 after buying an additional 1,487 shares in the last quarter. Finally, Summit Trail Advisors LLC grew its holdings in shares of Public Storage by 43.3% during the first quarter. Summit Trail Advisors LLC now owns 3,619 shares of the real estate investment trust's stock worth $1,083,000 after buying an additional 1,093 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

Public Storage Stock Down 1.7%

PSA traded down $4.76 during midday trading on Friday, hitting $279.03. 2,155,961 shares of the company's stock traded hands, compared to its average volume of 684,734. Public Storage has a one year low of $256.60 and a one year high of $369.99. The company has a market cap of $48.96 billion, a PE ratio of 30.43, a price-to-earnings-growth ratio of 4.63 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 stock's fifty day simple moving average is $286.79 and its 200-day simple moving average is $292.66.

Public Storage (NYSE:PSA - Get Free Report) last announced its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.23 by $0.05. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same quarter in the previous year, the firm posted $4.23 earnings per share. Public Storage's 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. As a group, equities analysts anticipate 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 will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.3%. Public Storage's dividend payout ratio is 130.86%.

Analyst Ratings Changes

PSA has been the subject of a number of recent research reports. BMO Capital Markets downgraded shares of 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. JPMorgan Chase & Co. lowered their price target on shares of Public Storage from $324.00 to $321.00 and set an "overweight" rating for the company in a report on Friday, September 12th. Evercore ISI lifted their price target on shares of Public Storage from $309.00 to $312.00 and gave the stock an "in-line" rating in a report on Monday, September 15th. BNP Paribas raised shares of Public Storage to a "strong-buy" rating in a research report on Tuesday, June 24th. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, Public Storage presently has an average rating of "Moderate Buy" and an average target price of $322.00.

Public Storage Company 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.