Andra AP fonden Lowers Stake in Public Storage (NYSE:PSA)

Andra AP fonden decreased its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 9.4% during the second quarter, according to its most recent filing with the SEC. The firm owned 49,200 shares of the real estate investment trust's stock after selling 5,100 shares during the period. Andra AP fonden's holdings in Public Storage were worth $14,152,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PSA. Global X Japan Co. Ltd. purchased a new position in Public Storage during the second quarter valued at approximately $108,000. Edgemoor Investment Advisors Inc. lifted its stake in shares of Public Storage by 13.5% during the 2nd quarter. Edgemoor Investment Advisors Inc. now owns 24,892 shares of the real estate investment trust's stock worth $7,160,000 after purchasing an additional 2,969 shares during the last quarter. Davis Selected Advisers boosted its position in Public Storage by 5.6% during the second quarter. Davis Selected Advisers now owns 55,620 shares of the real estate investment trust's stock valued at $15,999,000 after purchasing an additional 2,960 shares in the last quarter. Liberty Wealth Management LLC purchased a new position in Public Storage in the second quarter valued at about $1,791,000. Finally, Choreo LLC purchased a new position in Public Storage in the second quarter valued at about $476,000. Institutional investors own 78.79% of the company's stock.

Public Storage Stock Performance

NYSE PSA traded up $0.09 during trading hours on Wednesday, reaching $359.23. The stock had a trading volume of 597,520 shares, compared to its average volume of 606,347. Public Storage has a 52-week low of $233.18 and a 52-week high of $361.23. The stock has a fifty day moving average of $315.94 and a 200 day moving average of $291.42. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a market cap of $62.87 billion, a P/E ratio of 32.63, a price-to-earnings-growth ratio of 5.72 and a beta of 0.67.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts' consensus estimates of $4.20 by ($1.54). The business had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The firm's revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.28 EPS. Sell-side analysts predict that Public Storage will post 16.72 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a $3.00 dividend. The ex-dividend date is Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.34%. Public Storage's payout ratio is 108.99%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PSA. Evercore ISI raised their price target on shares of Public Storage from $330.00 to $334.00 and gave the company an "in-line" rating in a report on Wednesday, August 28th. Truist Financial downgraded shares of Public Storage from a "buy" rating to a "hold" rating and set a $306.00 target price for the company. in a research note on Thursday, August 1st. Wolfe Research raised Public Storage to a "strong-buy" rating in a research report on Wednesday, September 4th. Royal Bank of Canada started coverage on Public Storage in a report on Tuesday. They set a "sector perform" rating and a $358.00 price objective for the company. Finally, Wells Fargo & Company boosted their target price on Public Storage from $310.00 to $320.00 and gave the stock an "overweight" rating in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $326.21.

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.