Public Storage (NYSE:PSA) Shares Sold by Armstrong Advisory Group Inc.

Armstrong Advisory Group Inc. lessened its stake in Public Storage (NYSE:PSA) by 33.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 118 shares of the real estate investment trust’s stock after selling 60 shares during the period. Armstrong Advisory Group Inc.’s holdings in Public Storage were worth $43,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of PSA. Signet Financial Management LLC raised its holdings in shares of Public Storage by 2.1% in the first quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust’s stock valued at $555,000 after buying an additional 39 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in Public Storage by 0.9% during the second quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust’s stock worth $1,201,000 after acquiring an additional 39 shares during the last quarter. Brookstone Capital Management boosted its position in Public Storage by 3.4% during the first quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock worth $354,000 after acquiring an additional 40 shares during the last quarter. Legacy Wealth Asset Management LLC boosted its position in Public Storage by 3.5% during the first quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust’s stock worth $357,000 after acquiring an additional 42 shares during the last quarter. Finally, Rise Advisors LLC boosted its position in Public Storage by 3.4% during the third quarter. Rise Advisors LLC now owns 1,275 shares of the real estate investment trust’s stock worth $464,000 after acquiring an additional 42 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of PSA stock opened at $343.88 on Tuesday. The firm has a market cap of $60.19 billion, a P/E ratio of 32.23, a P/E/G ratio of 4.82 and a beta of 0.68. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. Public Storage has a 1-year low of $233.18 and a 1-year high of $369.99. The firm has a fifty day moving average of $343.10 and a two-hundred day moving average of $303.67.

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 the consensus estimate of $4.20 by ($1.54). The company had revenue of $921.70 million for 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%. Public Storage’s revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the business earned $4.28 earnings per share. As a group, research analysts anticipate that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.49%. The ex-dividend date was Friday, September 13th. Public Storage’s dividend payout ratio is currently 112.46%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on PSA shares. Evercore ISI cut their price target on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday. Barclays increased their price target on shares of Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Royal Bank of Canada started coverage on shares of Public Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 target price on the stock. Scotiabank raised their target price on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. Finally, Jefferies Financial Group raised their target price on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. One analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $337.00.

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.