Clarius Group LLC Trims Holdings in Public Storage (NYSE:PSA)

Clarius Group LLC lessened its holdings in shares of Public Storage (NYSE:PSA) by 1.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,007 shares of the real estate investment trust’s stock after selling 30 shares during the period. Clarius Group LLC’s holdings in Public Storage were worth $728,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. OFI Invest Asset Management purchased a new position in Public Storage during the 2nd quarter valued at about $32,000. Opal Wealth Advisors LLC purchased a new position in Public Storage during the 2nd quarter valued at about $36,000. Riverview Trust Co bought a new stake in Public Storage during the 1st quarter valued at approximately $37,000. Crewe Advisors LLC bought a new stake in Public Storage during the 1st quarter valued at approximately $39,000. Finally, EdgeRock Capital LLC bought a new stake in Public Storage during the 2nd quarter valued at approximately $39,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

PSA has been the topic of several research reports. Scotiabank lifted their price objective on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a research report on Monday, August 5th. Royal Bank of Canada initiated coverage on Public Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price objective on the stock. 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, September 16th. Finally, Morgan Stanley lifted their price objective on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $337.36.

Public Storage Price Performance

Shares of NYSE PSA opened at $342.77 on Friday. Public Storage has a twelve month low of $233.18 and a twelve month high of $369.99. The firm has a market cap of $60.23 billion, a P/E ratio of 31.13, a PEG ratio of 4.90 and a beta of 0.68. The company has a 50 day moving average of $342.30 and a 200 day moving average of $302.99. 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 announced 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). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The firm had revenue of $921.70 million during the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the previous year, the firm earned $4.28 earnings per share. Public Storage’s revenue was down 1.0% on a year-over-year basis. As a group, research analysts expect that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a $3.00 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.50%. Public Storage’s payout ratio is currently 108.99%.

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.