Hsbc Holdings PLC Reduces Holdings in Public Storage (NYSE:PSA)

Hsbc Holdings PLC lessened its holdings in Public Storage (NYSE:PSA - Free Report) by 13.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 588,118 shares of the real estate investment trust's stock after selling 88,906 shares during the quarter. Hsbc Holdings PLC owned 0.33% of Public Storage worth $169,088,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in PSA. Gryphon Financial Partners LLC lifted its position in Public Storage by 2.5% in the fourth quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust's stock valued at $476,000 after purchasing an additional 38 shares during the last quarter. Independent Advisor Alliance purchased a new position in shares of Public Storage in the fourth quarter valued at about $219,000. Brown Advisory Inc. raised its stake in shares of Public Storage by 1.6% during the fourth quarter. Brown Advisory Inc. now owns 9,020 shares of the real estate investment trust's stock valued at $2,751,000 after acquiring an additional 141 shares during the last quarter. ING Groep NV boosted its holdings in shares of Public Storage by 207.7% during the fourth quarter. ING Groep NV now owns 2,665 shares of the real estate investment trust's stock worth $813,000 after purchasing an additional 1,799 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Public Storage during the 4th quarter valued at about $232,000. 78.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Royal Bank of Canada initiated coverage on Public Storage in a research note on Tuesday, September 10th. They issued a "sector perform" rating and a $358.00 price target for the company. Wells Fargo & Company lifted their target price on shares of Public Storage from $310.00 to $320.00 and gave the company an "overweight" rating in a research note on Friday, July 26th. Wolfe Research raised shares of Public Storage to a "strong-buy" rating in a research note on Wednesday, September 4th. Evercore ISI lifted their price objective on Public Storage from $334.00 to $343.00 and gave the company an "in-line" rating in a research report on Monday. Finally, Barclays increased their target price on Public Storage from $327.00 to $374.00 and gave the stock an "overweight" rating in a research report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Public Storage has a consensus rating of "Moderate Buy" and an average price target of $332.71.

Public Storage Stock Down 0.6 %

PSA traded down $2.10 during trading on Thursday, hitting $358.62. 582,299 shares of the company's stock traded hands, compared to its average volume of 633,987. The stock has a market capitalization of $62.77 billion, a price-to-earnings ratio of 32.57, a PEG ratio of 5.12 and a beta of 0.67. The company's 50 day simple moving average is $325.73 and its two-hundred day simple moving average is $295.10. Public Storage has a 12-month low of $233.18 and a 12-month high of $366.29. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing analysts' consensus estimates of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The company had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the prior year, the firm earned $4.28 earnings per share. The business's revenue was down 1.0% compared to the same quarter last year. Analysts predict that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently declared 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 of this dividend is Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.35%. Public Storage's dividend payout ratio (DPR) is currently 108.99%.

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.