Pure Financial Advisors LLC Lowers Position in Public Storage (NYSE:PSA)

Pure Financial Advisors LLC cut its stake in Public Storage (NYSE:PSA) by 16.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,116 shares of the real estate investment trust’s stock after selling 216 shares during the quarter. Pure Financial Advisors LLC’s holdings in Public Storage were worth $321,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of PSA. International Assets Investment Management LLC purchased a new stake in shares of Public Storage in the fourth quarter worth approximately $3,112,000. Valeo Financial Advisors LLC purchased a new stake in shares of Public Storage during the fourth quarter valued at approximately $202,000. Beverly Hills Private Wealth LLC purchased a new stake in shares of Public Storage during the fourth quarter valued at approximately $233,000. Bison Wealth LLC purchased a new stake in shares of Public Storage during the fourth quarter valued at approximately $218,000. Finally, SVB Wealth LLC bought a new position in Public Storage during the fourth quarter valued at $245,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Barclays reduced their price objective on Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a report on Monday, May 20th. Truist Financial lowered Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a report on Thursday, August 1st. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a report on Monday, August 5th. Evercore ISI increased their price objective on Public Storage from $289.00 to $300.00 and gave the company an “in-line” rating in a report on Monday, July 15th. Finally, Scotiabank reduced their price objective on Public Storage from $314.00 to $308.00 and set a “sector perform” rating for the company in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $309.92.

Public Storage Price Performance

NYSE:PSA traded up $2.18 during trading hours on Friday, hitting $319.41. 554,949 shares of the company’s stock traded hands, compared to its average volume of 717,685. The firm has a market cap of $56.13 billion, a P/E ratio of 29.01, a P/E/G ratio of 5.23 and a beta of 0.65. Public Storage has a 52 week low of $233.18 and a 52 week high of $322.72. The business’s fifty day simple moving average is $297.29 and its two-hundred day simple moving average is $284.48. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72.

Public Storage (NYSE:PSA) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.20 by ($1.54). The business had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. Public Storage’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the business posted $4.28 EPS. On average, research analysts anticipate that Public Storage will post 16.76 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued 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 yield of 3.76%. Public Storage’s payout ratio is currently 108.99%.

Insider Buying and Selling

In related news, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the transaction, the insider now directly owns 3,214 shares in the company, valued at approximately $881,568.06. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 11.00% of the stock is owned by company insiders.

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.