Sumitomo Mitsui Trust Group Inc. Sells 14,503 Shares of Public Storage (NYSE:PSA)

Sumitomo Mitsui Trust Group Inc. cut its stake in shares of Public Storage (NYSE:PSA - Free Report) by 1.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 754,662 shares of the real estate investment trust's stock after selling 14,503 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.43% of Public Storage worth $225,863,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of PSA. Norges Bank bought a new position in Public Storage during the fourth quarter worth $931,286,000. Northern Trust Corp lifted its stake in shares of Public Storage by 43.4% in the fourth quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust's stock valued at $741,592,000 after buying an additional 749,913 shares in the last quarter. Cohen & Steers Inc. lifted its stake in shares of Public Storage by 12.3% in the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock valued at $1,626,731,000 after buying an additional 592,944 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Public Storage by 34,827.1% in the first quarter. GAMMA Investing LLC now owns 524,955 shares of the real estate investment trust's stock valued at $157,114,000 after buying an additional 523,452 shares in the last quarter. Finally, Deutsche Bank AG lifted its stake in shares of Public Storage by 44.6% in the fourth quarter. Deutsche Bank AG now owns 1,407,754 shares of the real estate investment trust's stock valued at $421,538,000 after buying an additional 433,918 shares in the last quarter. 78.79% of the stock is owned by institutional investors.

Public Storage Stock Performance

NYSE PSA opened at $290.00 on Friday. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99. The company has a 50-day simple moving average of $298.55 and a 200 day simple moving average of $297.71. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.55 and a current ratio of 0.55. The company has a market capitalization of $50.87 billion, a PE ratio of 28.80, a price-to-earnings-growth ratio of 4.19 and a beta of 0.89.

Public Storage (NYSE:PSA - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.06 by $0.06. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter last year, the company posted $4.03 earnings per share. The firm's quarterly revenue was up .1% compared to the same quarter last year. On average, research analysts predict that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Thursday, June 12th were issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.14%. Public Storage's dividend payout ratio (DPR) is presently 119.17%.

Analysts Set New Price Targets

PSA has been the topic of a number of recent research reports. BMO Capital Markets lowered shares of Public Storage from an "outperform" rating to a "market perform" rating and dropped their price objective for the company from $340.00 to $325.00 in a research note on Friday, June 20th. Bank of America raised their price objective on shares of Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Evercore ISI raised their price objective on shares of Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a research note on Friday, May 2nd. Mizuho raised their price target on shares of Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a research report on Wednesday, May 28th. Finally, Barclays dropped their price target on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a research report on Friday, May 16th. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $337.64.

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.

Want to see what other hedge funds are holding PSA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Storage (NYSE:PSA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.