Weaver Capital Management LLC Trims Stock Holdings in Public Storage $PSA

Key Points

• Weaver Capital Management LLC reduced its holdings in Public Storage by 16.8% to 4,970 shares, valued at approximately $1.46 million following the sale of 1,002 shares.
• Public Storage reported quarterly earnings of $4.28 per share, exceeding analysts' expectations and achieving a revenue of $1.20 billion for the quarter.
• The company recently declared a quarterly dividend of $3.00 per share with an annualized amount of $12.00 and a dividend yield of 4.1%.

Weaver Capital Management LLC lowered its holdings in Public Storage (NYSE:PSA - Free Report) by 16.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,970 shares of the real estate investment trust's stock after selling 1,002 shares during the period. Weaver Capital Management LLC's holdings in Public Storage were worth $1,458,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PSA. Marshall & Sullivan Inc. WA purchased a new position in Public Storage in the second quarter valued at about $25,000. Spectrum Wealth Counsel LLC purchased a new position in Public Storage in the first quarter valued at about $30,000. Opal Wealth Advisors LLC purchased a new position in Public Storage in the first quarter valued at about $36,000. Wayfinding Financial LLC purchased a new position in Public Storage in the first quarter valued at about $41,000. Finally, Rossby Financial LCC purchased a new position in Public Storage in the first quarter valued at about $45,000. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Stock Down 0.0%

Shares of Public Storage stock opened at $293.39 on Thursday. 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 business's 50 day simple moving average is $286.88 and its 200-day simple moving average is $291.46. 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 has a twelve month low of $256.60 and a twelve month high of $355.87.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings results 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 business had revenue of $1.20 billion for the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same period in the prior year, the firm earned $4.23 EPS. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Equities research analysts forecast that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders 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 dividend yield of 4.1%. The ex-dividend date was Monday, September 15th. Public Storage's dividend payout ratio is presently 130.86%.

Wall Street Analysts Forecast Growth

PSA has been the subject of a number of analyst reports. BNP Paribas raised Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. Evercore ISI upped their price objective on Public Storage from $312.00 to $317.00 and gave the company a "cautious" rating in a research note on Friday, October 3rd. Barclays cut their price objective on Public Storage from $351.00 to $349.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. Scotiabank cut their price objective on Public Storage from $340.00 to $333.00 and set a "sector outperform" rating on the stock in a research note on Thursday, August 28th. Finally, BMO Capital Markets cut Public Storage from an "outperform" rating to a "market perform" rating and cut their price objective for the company 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, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Public Storage currently has an average rating of "Moderate Buy" and an average price target of $322.92.

Public Storage 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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