US Bancorp DE Sells 1,473 Shares of Public Storage $PSA

Key Points

• US Bancorp DE reduced its stake in Public Storage by 3.0%, selling 1,473 shares and retaining 47,166 shares, valued at approximately $13.84 million.
• Public Storage reported earnings of $4.28 per share in its latest quarter, surpassing analyst expectations and showing a 2.4% increase in revenue compared to the previous year.
• The company announced a quarterly dividend of $3.00 per share, resulting in an annualized yield of 4.1%, despite a payout ratio of 130.86%.

US Bancorp DE lowered its position in Public Storage (NYSE:PSA - Free Report) by 3.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 47,166 shares of the real estate investment trust's stock after selling 1,473 shares during the period. US Bancorp DE's holdings in Public Storage were worth $13,839,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Marshall & Sullivan Inc. WA bought a new stake in shares of Public Storage in the second quarter worth $25,000. Spectrum Wealth Counsel LLC bought a new stake in Public Storage during the first quarter valued at about $30,000. Opal Wealth Advisors LLC bought a new stake in Public Storage during the first quarter valued at about $36,000. Wayfinding Financial LLC bought a new stake in Public Storage during the first quarter valued at about $41,000. Finally, Rossby Financial LCC bought a new stake in Public Storage during the first quarter valued at about $45,000. Institutional investors own 78.79% of the company's stock.

Public Storage Stock Performance

NYSE PSA opened at $294.19 on Friday. The firm has a market cap of $51.62 billion, a price-to-earnings ratio of 32.08, a price-to-earnings-growth ratio of 4.88 and a beta of 0.89. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 2.04. The business has a 50-day moving average price of $287.61 and a 200-day moving average price of $291.49. Public Storage has a twelve month low of $256.60 and a twelve month high of $355.87.

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 earnings per share for the quarter, topping analysts' consensus estimates of $4.23 by $0.05. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.20 billion. Public Storage had a return on equity of 34.06% and a net margin of 38.13%.The business's quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.23 earnings per share. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. As a group, equities research analysts predict that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were 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 was Monday, September 15th. Public Storage's payout ratio is currently 130.86%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Royal Bank Of Canada cut their price target on Public Storage from $328.00 to $309.00 and set a "sector perform" rating for the company in a report on Friday, August 1st. Evercore ISI boosted their price target on Public Storage from $312.00 to $317.00 and gave the company a "cautious" rating in a report on Friday, October 3rd. JPMorgan Chase & Co. cut their price target on Public Storage from $324.00 to $321.00 and set an "overweight" rating for the company in a report on Friday, September 12th. BMO Capital Markets lowered Public Storage from an "outperform" rating to a "market perform" rating and cut their price target for the company from $340.00 to $325.00 in a report on Friday, June 20th. Finally, Scotiabank cut their price target on Public Storage from $340.00 to $333.00 and set a "sector outperform" rating for the company in a report on Thursday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $322.92.

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.

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