Shell Asset Management Co. Raises Holdings in Public Storage $PSA

Key Points

• Shell Asset Management Co. increased its holdings in Public Storage by 120.8% in the second quarter, now owning 7,740 shares valued at approximately $2.27 million.
• Public Storage reported earnings of $4.28 per share for the last quarter, exceeding analysts' expectations, while also announcing a quarterly dividend of $3.00 per share with an annual yield of 4.1%.
• Analyst ratings for Public Storage vary, with the stock having a consensus rating of "Moderate Buy" and a target price of $322.92.

Shell Asset Management Co. boosted its stake in shares of Public Storage (NYSE:PSA - Free Report) by 120.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,740 shares of the real estate investment trust's stock after purchasing an additional 4,235 shares during the quarter. Shell Asset Management Co.'s holdings in Public Storage were worth $2,271,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Public Storage by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 20,735,896 shares of the real estate investment trust's stock worth $6,206,046,000 after purchasing an additional 143,575 shares during the period. Wellington Management Group LLP boosted its position in shares of Public Storage by 1.0% during the 1st quarter. Wellington Management Group LLP now owns 2,987,662 shares of the real estate investment trust's stock worth $894,177,000 after acquiring an additional 30,775 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Public Storage by 1.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,836,477 shares of the real estate investment trust's stock worth $848,425,000 after acquiring an additional 34,718 shares in the last quarter. Northern Trust Corp boosted its position in shares of Public Storage by 2.8% during the 1st quarter. Northern Trust Corp now owns 2,546,478 shares of the real estate investment trust's stock worth $762,135,000 after acquiring an additional 69,882 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Public Storage by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,134,493 shares of the real estate investment trust's stock worth $638,805,000 after acquiring an additional 12,204 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

Analyst Ratings Changes

PSA has been the subject of several analyst reports. Wall Street Zen cut Public Storage from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Barclays lowered their price objective on Public Storage from $351.00 to $349.00 and set an "overweight" rating for the company in a research report on Friday, August 8th. BNP Paribas Exane initiated coverage on Public Storage in a research report on Tuesday, June 24th. They set an "outperform" rating and a $331.00 price objective for the company. BMO Capital Markets cut Public Storage from an "outperform" rating to a "market perform" rating and lowered their price objective for the stock from $340.00 to $325.00 in a research report on Friday, June 20th. Finally, JPMorgan Chase & Co. lowered their price objective on Public Storage from $324.00 to $321.00 and set an "overweight" rating for the company in a research report on Friday, September 12th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Public Storage currently has an average rating of "Moderate Buy" and a consensus target price of $322.92.

Public Storage Stock Down 0.0%

Public Storage stock opened at $293.39 on Thursday. Public Storage has a twelve month low of $256.60 and a twelve month high of $355.87. The stock has a 50 day moving average of $286.88 and a two-hundred day moving average of $291.46. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.04. The stock has a market capitalization of $51.48 billion, a price-to-earnings ratio of 31.99, a PEG ratio of 4.87 and a beta of 0.89.

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 earnings per share for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $1.20 billion. During the same period last year, the firm earned $4.23 EPS. The firm's revenue for the quarter 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, research analysts expect that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend was Monday, September 15th. Public Storage's dividend payout ratio (DPR) is presently 130.86%.

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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