Zimmer Partners LP Reduces Position in Public Storage $PSA

Key Points

• Zimmer Partners LP reduced its stake in Public Storage by 30.6%, selling 6,400 shares to end up with 14,500 shares valued at approximately $4.34 million.
• Public Storage announced a quarterly $3.00 dividend per share, which results in an annual yield of 4.1% with a high dividend payout ratio of 130.86%.
• Analysts show mixed sentiment with ratings ranging from "Strong Buy" to "Hold," and the average target price for the stock is set at $331.62.

Zimmer Partners LP trimmed its position in Public Storage (NYSE:PSA - Free Report) by 30.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,500 shares of the real estate investment trust's stock after selling 6,400 shares during the quarter. Zimmer Partners LP's holdings in Public Storage were worth $4,340,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

PSA has been the topic of several recent analyst reports. Wells Fargo & Company decreased their target price on shares of Public Storage from $330.00 to $320.00 and set an "overweight" rating on the stock in a report on Wednesday, July 23rd. BNP Paribas Exane initiated coverage on shares of Public Storage in a report on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 price objective on the stock. Evercore ISI upped their price objective on shares of Public Storage from $308.00 to $309.00 and gave the stock an "in-line" rating in a report on Monday, August 4th. Mizuho upped their price objective on shares of Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a report on Wednesday, May 28th. Finally, Barclays decreased their price objective on shares of Public Storage from $351.00 to $349.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, Public Storage currently has an average rating of "Moderate Buy" and a consensus target price of $331.62.

Public Storage Stock Down 0.8%

Public Storage stock traded down $2.21 during mid-day trading on Friday, reaching $292.71. 690,770 shares of the company's stock were exchanged, compared to its average volume of 601,191. The company has a market cap of $51.36 billion, a P/E ratio of 31.92, a P/E/G ratio of 4.90 and a beta of 0.86. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99. 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 company has a fifty day moving average of $287.40 and a 200-day moving average of $293.56.

Public Storage (NYSE:PSA - Get Free Report) last released its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.23 by $0.05. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.20 billion. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The firm's quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the business earned $4.23 EPS. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Sell-side analysts expect that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a dividend of $3.00 per share. The ex-dividend date is Monday, September 15th. This represents a $12.00 dividend on an annualized basis and a yield of 4.1%. Public Storage's dividend payout ratio is 130.86%.

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.