Rhumbline Advisers Sells 2,851 Shares of Public Storage $PSA

Rhumbline Advisers cut its position in Public Storage (NYSE:PSA) by 0.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 348,553 shares of the real estate investment trust’s stock after selling 2,851 shares during the quarter. Rhumbline Advisers owned 0.20% of Public Storage worth $102,272,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Marshall & Sullivan Inc. WA acquired a new stake in Public Storage during the 2nd quarter worth approximately $25,000. Harbor Asset Planning Inc. bought a new position in shares of Public Storage during the second quarter valued at $25,000. Spectrum Wealth Counsel LLC acquired a new position in shares of Public Storage during the first quarter worth $30,000. NewSquare Capital LLC lifted its holdings in shares of Public Storage by 60.6% during the second quarter. NewSquare Capital LLC now owns 106 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 40 shares during the period. Finally, SouthState Corp grew its stake in shares of Public Storage by 209.4% in the second quarter. SouthState Corp now owns 164 shares of the real estate investment trust’s stock worth $48,000 after purchasing an additional 111 shares during the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on PSA. Deutsche Bank Aktiengesellschaft raised Public Storage from a “hold” rating to a “buy” rating and set a $325.00 target price for the company in a research report on Monday, October 13th. UBS Group decreased their target price on shares of Public Storage from $295.00 to $293.00 and set a “neutral” rating for the company in a research report on Tuesday, November 18th. Scotiabank dropped their price target on shares of Public Storage from $340.00 to $333.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 28th. Royal Bank Of Canada lowered their target price on shares of Public Storage from $309.00 to $307.00 and set a “sector perform” rating for the company in a research note on Friday, October 31st. Finally, Wells Fargo & Company boosted their target price on shares of Public Storage from $320.00 to $330.00 and gave the company an “overweight” rating in a report on Monday, October 27th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $325.21.

Public Storage Stock Performance

Shares of Public Storage stock opened at $269.77 on Friday. The business has a 50-day simple moving average of $287.01 and a 200 day simple moving average of $290.78. Public Storage has a one year low of $256.60 and a one year high of $355.87. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 1.77. The firm has a market capitalization of $47.33 billion, a price-to-earnings ratio of 28.01, a PEG ratio of 4.72 and a beta of 0.91.

Public Storage (NYSE:PSA) last announced its quarterly earnings data on Wednesday, October 29th. The real estate investment trust reported $4.31 EPS for the quarter, beating analysts’ consensus estimates of $4.24 by $0.07. Public Storage had a return on equity of 35.67% and a net margin of 39.53%.The firm’s revenue was down 5.4% on a year-over-year basis. During the same period in the previous year, the firm earned $4.20 earnings per share. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. On average, research analysts anticipate that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be issued a dividend of $3.00 per share. The ex-dividend date is Monday, December 15th. This represents a $12.00 annualized dividend and a yield of 4.4%. Public Storage’s dividend payout ratio is presently 124.61%.

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.