Royal Bank of Canada Has $236.96 Million Stake in Public Storage $PSA

Key Points

• Royal Bank of Canada reduced its stake in Public Storage by 4.6%, owning 791,736 shares worth approximately $236.96 million after selling 38,467 shares.
• Several institutional investors, such as Mercer Global Advisors and Bank of America, have increased their holdings in Public Storage, reflecting diverse investment strategies among hedge funds.
• Public Storage announced a quarterly dividend of $3.00 per share, representing an annualized yield of 4.1%, amidst strong performance in earnings reports.

Royal Bank of Canada trimmed its holdings in Public Storage (NYSE:PSA - Free Report) by 4.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 791,736 shares of the real estate investment trust's stock after selling 38,467 shares during the period. Royal Bank of Canada owned 0.45% of Public Storage worth $236,959,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. Retirement Planning Co of New England Inc. increased its position in Public Storage by 1.6% in the 1st quarter. Retirement Planning Co of New England Inc. now owns 2,084 shares of the real estate investment trust's stock valued at $624,000 after acquiring an additional 33 shares during the period. Shum Financial Group Inc. boosted its holdings 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 worth $625,000 after buying an additional 35 shares in the last quarter. Meeder Advisory Services Inc. grew its holdings in shares of Public Storage by 1.1% in the 1st quarter. Meeder Advisory Services Inc. now owns 3,581 shares of the real estate investment trust's stock worth $1,072,000 after acquiring an additional 39 shares during the last quarter. Meeder Asset Management Inc. raised its holdings 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 buying an additional 39 shares during the period. Finally, ICW Investment Advisors LLC lifted its position in shares of Public Storage by 1.0% in the 1st quarter. ICW Investment Advisors LLC now owns 3,901 shares of the real estate investment trust's stock valued at $1,168,000 after acquiring an additional 39 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Royal Bank Of Canada dropped their target price on Public Storage from $328.00 to $309.00 and set a "sector perform" rating on the stock in a report on Friday, August 1st. Bank of America upped their price objective on shares of Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Wall Street Zen downgraded Public Storage from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Scotiabank cut their price target on shares of 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. Finally, BMO Capital Markets cut shares of Public Storage from an "outperform" rating to a "market perform" rating and decreased their price objective for the stock 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 given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $331.62.

Public Storage Stock Up 0.2%

Shares of NYSE PSA traded up $0.44 during mid-day trading on Thursday, hitting $292.20. The company had a trading volume of 692,968 shares, compared to its average volume of 594,828. The company has a market capitalization of $51.27 billion, a PE ratio of 31.86, a price-to-earnings-growth ratio of 4.84 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 firm has a 50-day simple moving average of $287.63 and a two-hundred day simple moving average of $293.92. 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 (NYSE:PSA - Get Free Report) last released its quarterly earnings data 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. Public Storage had a return on equity of 34.06% and a net margin of 38.13%.The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the prior year, the firm posted $4.23 EPS. The firm's revenue for the quarter 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 analysts expect that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend 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.