SG Americas Securities LLC trimmed its position in shares of Public Storage (NYSE:PSA - Free Report) by 44.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,232 shares of the real estate investment trust's stock after selling 1,766 shares during the period. SG Americas Securities LLC's holdings in Public Storage were worth $668,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Ameriflex Group Inc. acquired a new stake in Public Storage during the 4th quarter valued at $30,000. Strategic Investment Solutions Inc. IL acquired a new stake in Public Storage during the 4th quarter valued at $32,000. Millstone Evans Group LLC acquired a new position in Public Storage during the 4th quarter worth $38,000. Parvin Asset Management LLC acquired a new position in Public Storage during the 4th quarter worth $38,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Public Storage during the 4th quarter worth $43,000. 78.79% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research analysts have weighed in on PSA shares. Bank of America raised 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. Barclays decreased their price objective on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating for the company in a report on Friday, May 16th. Royal Bank Of Canada decreased their price objective on shares of Public Storage from $329.00 to $328.00 and set a "sector perform" rating for the company in a report on Friday, May 2nd. Wells Fargo & Company decreased their price objective on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Finally, Scotiabank raised their price objective on shares of Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a report on Monday, May 12th. Six analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Public Storage presently has an average rating of "Moderate Buy" and an average price target of $338.15.
Get Our Latest Research Report on PSA
Public Storage Stock Performance
Shares of NYSE PSA traded down $0.69 during midday trading on Friday, hitting $290.12. The company's stock had a trading volume of 1,419,993 shares, compared to its average volume of 745,812. The firm has a market cap of $50.90 billion, a P/E ratio of 28.81, a P/E/G ratio of 4.20 and a beta of 0.89. The firm's fifty day moving average price is $298.53 and its 200-day moving average price is $299.05. Public Storage has a 1-year low of $256.60 and a 1-year high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.55 and a current ratio of 0.55.
Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, beating the consensus estimate of $4.06 by $0.06. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.18 billion. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. Public Storage's quarterly revenue was up .1% compared to the same quarter last year. During the same period last year, the firm posted $4.03 EPS. On average, sell-side analysts forecast 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 Friday, June 27th. Investors of record on Thursday, June 12th will be given a $3.00 dividend. The ex-dividend date is Thursday, June 12th. This represents a $12.00 annualized dividend and a yield of 4.14%. Public Storage's dividend payout ratio is presently 119.17%.
About Public Storage
(
Free Report)
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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