Chevy Chase Trust Holdings LLC Raises Position in Public Storage $PSA

Chevy Chase Trust Holdings LLC grew its stake in Public Storage (NYSE:PSA) by 1.0% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 89,711 shares of the real estate investment trust’s stock after purchasing an additional 853 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Public Storage were worth $26,323,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Marshall & Sullivan Inc. WA bought a new position in Public Storage during the 2nd quarter valued at $25,000. Harbor Asset Planning Inc. purchased a new stake in shares of Public Storage in the second quarter valued at about $25,000. Spectrum Wealth Counsel LLC bought a new position in shares of Public Storage during the first quarter valued at about $30,000. Wayfinding Financial LLC bought a new position in shares of Public Storage during the first quarter valued at about $41,000. Finally, Rossby Financial LCC purchased a new position in Public Storage during the first quarter worth about $45,000. Institutional investors own 78.79% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Barclays decreased their price objective on shares of Public Storage from $351.00 to $349.00 and set an “overweight” rating for the company in a research note on Friday, August 8th. Wells Fargo & Company dropped their price target on Public Storage from $330.00 to $320.00 and set an “overweight” rating on the stock in a report on Wednesday, July 23rd. BMO Capital Markets cut Public Storage from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $340.00 to $325.00 in a research report on Friday, June 20th. Wall Street Zen lowered Public Storage from a “hold” rating to a “sell” rating in a research report on Saturday, August 2nd. Finally, BNP Paribas Exane began coverage on Public Storage in a research note on Tuesday, June 24th. They set an “outperform” rating and a $331.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $324.92.

Public Storage Stock Performance

NYSE:PSA opened at $307.77 on Friday. The company has a market capitalization of $54.00 billion, a P/E ratio of 33.56, a P/E/G ratio of 5.01 and a beta of 0.89. The business has a fifty day simple moving average of $289.77 and a two-hundred day simple moving average of $291.77. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 1.77. Public Storage has a 1 year low of $256.60 and a 1 year high of $355.87.

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, topping the consensus estimate of $4.23 by $0.05. Public Storage had a return on equity of 34.06% and a net margin of 38.13%.The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the prior year, the company earned $4.23 EPS. The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. On average, analysts expect that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were given a $3.00 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $12.00 annualized dividend and a dividend yield of 3.9%. Public Storage’s payout ratio is 130.86%.

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.