Public Storage $PSA Stake Trimmed by DekaBank Deutsche Girozentrale

Key Points

• DekaBank Deutsche Girozentrale has reduced its stake in Public Storage ($PSA) by 5.0%, now holding 127,404 shares worth approximately $36.46 million.
• Public Storage reported earnings of $4.28 per share for the last quarter, exceeding analysts' expectations of $4.23, with a quarterly revenue of $1.20 billion.
• The company declared a quarterly dividend of $3.00 per share, representing an annualized yield of 3.9% despite a payout ratio of 130.86%.

DekaBank Deutsche Girozentrale cut its position in shares of Public Storage (NYSE:PSA - Free Report) by 5.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 127,404 shares of the real estate investment trust's stock after selling 6,765 shares during the quarter. DekaBank Deutsche Girozentrale owned 0.07% of Public Storage worth $36,463,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Asset Management One Co. Ltd. boosted its position in Public Storage by 1.2% during the first 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 purchasing an additional 3,627 shares during the last quarter. Private Trust Co. NA raised its stake in shares of Public Storage by 228.1% during the 1st quarter. Private Trust Co. NA now owns 2,139 shares of the real estate investment trust's stock worth $640,000 after purchasing an additional 1,487 shares in the last quarter. Summit Trail Advisors LLC raised its stake in shares of Public Storage by 43.3% during the 1st quarter. Summit Trail Advisors LLC now owns 3,619 shares of the real estate investment trust's stock worth $1,083,000 after purchasing an additional 1,093 shares in the last quarter. TCW Group Inc. lifted its holdings in shares of Public Storage by 5.2% during the 1st quarter. TCW Group Inc. now owns 13,696 shares of the real estate investment trust's stock valued at $4,099,000 after buying an additional 676 shares during the last quarter. Finally, Meritage Portfolio Management bought a new stake in shares of Public Storage in the 1st quarter valued at approximately $6,775,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Down 1.1%

Shares of PSA opened at $308.39 on Wednesday. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.77 and a current ratio of 1.77. The company has a 50-day simple moving average of $290.96 and a 200-day simple moving average of $292.02. Public Storage has a 52 week low of $256.60 and a 52 week high of $355.87. The firm has a market capitalization of $54.11 billion, a P/E ratio of 33.63, a P/E/G ratio of 5.09 and a beta of 0.89.

Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.23 by $0.05. Public Storage had a return on equity of 34.06% and a net margin of 38.13%.The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same period in the previous year, the company posted $4.23 earnings per share. The company's quarterly 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. On average, equities research analysts expect that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were given a $3.00 dividend. The ex-dividend date was Monday, September 15th. This represents a $12.00 annualized dividend and a yield of 3.9%. Public Storage's payout ratio is presently 130.86%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Barclays cut their price target on shares of Public Storage from $351.00 to $349.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. UBS Group reduced their price target on Public Storage from $305.00 to $295.00 and set a "neutral" rating for the company in a research report on Tuesday, September 16th. Scotiabank decreased their price target on Public Storage from $340.00 to $333.00 and set a "sector outperform" rating for the company in a research note on Thursday, August 28th. Royal Bank Of Canada cut their price objective on Public Storage from $328.00 to $309.00 and set a "sector perform" rating on the stock in a research note on Friday, August 1st. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Public Storage in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $324.92.

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.

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