Public Storage $PSA Shares Sold by Rafferty Asset Management LLC

Key Points

• Rafferty Asset Management LLC reduced its stake in Public Storage by 17.2% during the first quarter, leaving it with 17,182 shares valued at approximately $5.14 million.
• The company reported $4.28 earnings per share for the last quarter, exceeding estimates, and set a FY 2025 EPS guidance between 16.450 and 17.00.
• Public Storage will distribute a quarterly $3.00 dividend on September 30, representing a 4.1% yield, with a dividend payout ratio of 130.86%.

Rafferty Asset Management LLC lowered its position in shares of Public Storage (NYSE:PSA - Free Report) by 17.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,182 shares of the real estate investment trust's stock after selling 3,560 shares during the period. Rafferty Asset Management LLC's holdings in Public Storage were worth $5,142,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Shum Financial Group Inc. raised its position in Public Storage by 1.7% during the first quarter. Shum Financial Group Inc. now owns 2,089 shares of the real estate investment trust's stock valued at $625,000 after purchasing an additional 35 shares in the last quarter. Lido Advisors LLC boosted its stake in shares of Public Storage by 0.9% in the fourth quarter. Lido Advisors LLC now owns 4,298 shares of the real estate investment trust's stock worth $1,287,000 after acquiring an additional 39 shares during the last quarter. Meeder Asset Management Inc. grew its stake in Public Storage by 3.1% during the 1st quarter. Meeder Asset Management Inc. now owns 1,295 shares of the real estate investment trust's stock worth $388,000 after purchasing an additional 39 shares in the last quarter. Meeder Advisory Services Inc. raised its stake in Public Storage by 1.1% during the 1st quarter. Meeder Advisory Services Inc. now owns 3,581 shares of the real estate investment trust's stock valued at $1,072,000 after acquiring an additional 39 shares during the last quarter. Finally, Integrated Advisors Network LLC raised its holdings in shares of Public Storage by 1.4% in the fourth quarter. Integrated Advisors Network LLC now owns 3,067 shares of the real estate investment trust's stock worth $918,000 after acquiring an additional 41 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on PSA shares. Scotiabank cut their target price on Public Storage from $340.00 to $333.00 and set a "sector outperform" rating for the company in a research report on Thursday, August 28th. BNP Paribas upgraded shares of Public Storage to a "strong-buy" rating in a research report on Tuesday, June 24th. Evercore ISI raised their price target on Public Storage from $308.00 to $309.00 and gave the stock an "in-line" rating in a research report on Monday, August 4th. BMO Capital Markets downgraded Public Storage from an "outperform" rating to a "market perform" rating and lowered their target price for the company from $340.00 to $325.00 in a research report on Friday, June 20th. Finally, Mizuho raised their target price on shares of Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 28th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, Public Storage presently has a consensus rating of "Moderate Buy" and a consensus target price of $331.62.

Public Storage Trading Down 2.0%

Shares of Public Storage stock traded down $5.83 on Tuesday, hitting $288.76. The stock had a trading volume of 588,535 shares, compared to its average volume of 792,684. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 2.04. Public Storage has a one year low of $256.60 and a one year high of $369.99. The stock has a market cap of $50.66 billion, a price-to-earnings ratio of 31.50, a PEG ratio of 4.89 and a beta of 0.86. The stock's 50-day simple moving average is $287.68 and its two-hundred day simple moving average is $294.02.

Public Storage (NYSE:PSA - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, topping the consensus estimate 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 quarterly revenue was up 2.4% on a year-over-year basis. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. As a group, sell-side analysts predict that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The company also recently disclosed 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. This represents a $12.00 annualized dividend and a dividend yield of 4.2%. The ex-dividend date is Monday, September 15th. Public Storage's dividend payout ratio (DPR) is presently 130.86%.

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.