Adage Capital Partners GP L.L.C. Sells 43,500 Shares of Public Storage $PSA

Key Points

• Adage Capital Partners GP L.L.C. reduced its stake in Public Storage (NYSE:PSA) by 29.5% during the first quarter, holding 103,792 shares valued at approximately $31 million.
• Institutional investors currently own 78.79% of Public Storage stock, with several entities, including Wealth Enhancement Advisory Services LLC and Private Trust Co. NA, increasing their stakes significantly in the same period.
• The company announced a quarterly dividend of $3.00 per share, leading to an annualized yield of 4.1%, despite a high payout ratio of 130.86%.

Adage Capital Partners GP L.L.C. reduced its stake in Public Storage (NYSE:PSA - Free Report) by 29.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 103,792 shares of the real estate investment trust's stock after selling 43,500 shares during the period. Adage Capital Partners GP L.L.C. owned 0.06% of Public Storage worth $31,064,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of PSA. Ameriflex Group Inc. acquired a new position in shares of Public Storage in the fourth quarter valued at $30,000. Spectrum Wealth Counsel LLC acquired a new position in shares of Public Storage in the first quarter valued at $30,000. Opal Wealth Advisors LLC acquired a new position in shares of Public Storage in the first quarter valued at $36,000. Wayfinding Financial LLC acquired a new position in shares of Public Storage in the first quarter valued at $41,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Public Storage in the fourth quarter valued at $43,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Mizuho upped their price target on shares of Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. Bank of America upped their price target 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. Barclays decreased their price target on shares of Public Storage from $351.00 to $349.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. Scotiabank decreased 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 note on Thursday, August 28th. Finally, BMO Capital Markets downgraded shares of Public Storage from an "outperform" rating to a "market perform" rating and decreased their price target for the company from $340.00 to $325.00 in a research note on Friday, June 20th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $331.62.

Public Storage Price Performance

Public Storage stock traded up $5.58 during trading hours on Friday, reaching $297.80. 595,047 shares of the stock were exchanged, compared to its average volume of 600,586. The company has a market cap of $52.25 billion, a P/E ratio of 32.48, a price-to-earnings-growth ratio of 4.94 and a beta of 0.86. 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 has a twelve month low of $256.60 and a twelve month high of $369.99. The stock has a 50 day moving average of $287.79 and a two-hundred day moving average of $293.91.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.20 billion. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The business's revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the prior year, the company posted $4.23 earnings per share. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Equities analysts expect that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date is Monday, September 15th. Public Storage's dividend payout ratio is presently 130.86%.

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.