Public Storage $PSA Shares Sold by State Street Corp

Key Points

• State Street reduced its Public Storage stake by 1.0% in the second quarter, selling 100,654 shares but retaining 10.13 million shares valued at approximately $3.23 billion. Institutional investors collectively own 78.79% of PSA.
• Analyst sentiment remains cautious: Public Storage has a consensus “Hold” rating from 21 analysts and an average price target of $326.21, despite Citigroup upgrading its target to $363 and issuing a “Buy” rating.
• Public Storage reported quarterly EPS of $4.17, beating estimates of $2.53, while revenue was $1.23 billion and down 0.5% year over year. The company also declared a quarterly dividend of $3.00 per share, representing a 4.1% annualized yield.

State Street Corp reduced its position in shares of Public Storage (NYSE:PSA - Free Report) by 1.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,133,791 shares of the real estate investment trust's stock after selling 100,654 shares during the period. State Street Corp owned 5.77% of Public Storage worth $3,225,687,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Knights of Columbus Asset Advisors LLC raised its holdings in Public Storage by 25.3% in the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 18,610 shares of the real estate investment trust's stock valued at $4,829,000 after buying an additional 3,763 shares during the period. Hsbc Holdings PLC purchased a new stake in Public Storage during the second quarter worth approximately $195,808,000. Nomura Asset Management Co. Ltd. grew its stake in Public Storage by 3.4% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 289,675 shares of the real estate investment trust's stock worth $75,171,000 after buying an additional 9,618 shares during the period. Legal & General Group Plc increased its position in shares of Public Storage by 4.5% in the fourth quarter. Legal & General Group Plc now owns 1,951,779 shares of the real estate investment trust's stock worth $506,487,000 after acquiring an additional 83,916 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Public Storage in the fourth quarter worth $1,163,751,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on PSA. Raymond James Financial assumed coverage on Public Storage in a research note on Thursday, July 16th. They set a "market perform" rating on the stock. UBS Group raised their target price on Public Storage from $314.00 to $326.00 and gave the company a "neutral" rating in a report on Friday, July 10th. Citigroup boosted their price target on Public Storage from $325.00 to $363.00 and gave the stock a "buy" rating in a research report on Tuesday, June 16th. Weiss Ratings restated a "hold (c+)" rating on shares of Public Storage in a report on Wednesday, September 9th. Finally, Wells Fargo & Company set a $311.00 price objective on shares of Public Storage in a research report on Tuesday, September 1st. Seven research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. According to data from MarketBeat, Public Storage currently has a consensus rating of "Hold" and a consensus price target of $326.21.

Public Storage Stock Performance

Shares of PSA opened at $289.82 on Wednesday. The business's fifty day moving average price is $314.21 and its 200 day moving average price is $307.22. Public Storage has a 12-month low of $256.54 and a 12-month high of $335.55. The stock has a market capitalization of $50.90 billion, a PE ratio of 27.65, a price-to-earnings-growth ratio of 4.04 and a beta of 0.95. The company has a debt-to-equity ratio of 2.06, a current ratio of 0.66 and a quick ratio of 0.66.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The real estate investment trust reported $4.17 earnings per share for the quarter, beating analysts' consensus estimates of $2.53 by $1.64. The business had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.23 billion. Public Storage had a net margin of 41.80% and a return on equity of 40.98%. The company's revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.28 EPS. Public Storage has set its FY 2026 guidance at 16.750-17.050 EPS. Equities research analysts forecast that Public Storage will post 16.92 EPS for the current year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 6th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $12.00 annualized dividend and a yield of 4.1%. Public Storage's payout ratio is presently 114.50%.

Insider Transactions at Public Storage

In related news, insider Nathaniel A. Vitan sold 1,414 shares of Public Storage stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $327.53, for a total transaction of $463,127.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 11.10% of the company's stock.

Public Storage Company Profile

Public Storage is a real estate investment trust that owns, operates and develops self-storage facilities in the United States. The company provides customers with storage units for household goods, business inventory, vehicles and other personal or commercial belongings.

Its facilities offer a range of unit sizes and may include features such as drive-up access, climate-controlled storage, electronic gate access and online account management. Public Storage also provides related services, including tenant insurance options and moving and packing supplies at select locations.

Founded in 1972 and headquartered in Glendale, California, Public Storage serves customers through a nationwide network of self-storage properties.

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