Raymond James Financial Inc. Has $54.90 Million Stock Position in Public Storage $PSA

Key Points

• Raymond James Financial Inc. has reduced its holdings in Public Storage by selling 4,125 shares, decreasing their ownership by 2.2% to 183,438 shares worth approximately $54.9 million.
• Institutional investors collectively own 78.79% of Public Storage's stock, indicating substantial institutional confidence in the company.
• Public Storage reported a strong quarterly performance with an EPS of $4.28, exceeding analyst expectations, and observes a year-to-date stock price fluctuation between $256.60 and $369.99.

Raymond James Financial Inc. lowered its holdings in Public Storage (NYSE:PSA - Free Report) by 2.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 183,438 shares of the real estate investment trust's stock after selling 4,125 shares during the period. Raymond James Financial Inc. owned approximately 0.10% of Public Storage worth $54,901,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Nations Financial Group Inc. IA ADV acquired a new position in Public Storage during the first quarter worth $635,000. American Century Companies Inc. grew its position in shares of Public Storage by 13.3% in the first quarter. American Century Companies Inc. now owns 750,786 shares of the real estate investment trust's stock valued at $224,703,000 after purchasing an additional 88,038 shares during the last quarter. Aberdeen Group plc grew its position in Public Storage by 32.8% during the first quarter. Aberdeen Group plc now owns 333,814 shares of the real estate investment trust's stock worth $99,737,000 after buying an additional 82,381 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Public Storage by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,134,493 shares of the real estate investment trust's stock worth $638,805,000 after purchasing an additional 12,204 shares during the period. Finally, Horizon Investments LLC lifted its stake in Public Storage by 8.7% during the first quarter. Horizon Investments LLC now owns 5,249 shares of the real estate investment trust's stock worth $1,571,000 after purchasing an additional 422 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Wall Street Zen cut shares of Public Storage from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Scotiabank lifted their target price on shares of Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a research note on Monday, May 12th. BNP Paribas upgraded shares of Public Storage to a "strong-buy" rating in a research report on Tuesday, June 24th. BNP Paribas Exane initiated coverage on shares of Public Storage in a research report on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 price objective for the company. Finally, Royal Bank Of Canada dropped their price objective on shares of Public Storage from $328.00 to $309.00 and set a "sector perform" rating for the company in a research report on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Public Storage has an average rating of "Moderate Buy" and an average price target of $335.43.

Public Storage Trading Down 0.1%

Shares of Public Storage stock traded down $0.32 on Tuesday, hitting $289.53. 189,154 shares of the company's stock traded hands, compared to its average volume of 793,998. The firm's 50-day moving average price is $287.66 and its two-hundred day moving average price is $294.34. The stock has a market capitalization of $50.80 billion, a PE ratio of 31.55, a price-to-earnings-growth ratio of 4.88 and a beta of 0.86. Public Storage has a one year low of $256.60 and a one year high of $369.99. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 1.77.

Public Storage (NYSE:PSA - Get Free Report) last issued its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, beating the consensus estimate of $4.23 by $0.05. The company had revenue of $1.20 billion during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.23 EPS. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. On average, research analysts expect that Public Storage will post 16.7 EPS for the current fiscal year.

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.