Xponance Inc. Sells 17,140 Shares of Public Storage (NYSE:PSA)

Xponance Inc. lessened its holdings in Public Storage (NYSE:PSA) by 40.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,128 shares of the real estate investment trust’s stock after selling 17,140 shares during the period. Xponance Inc.’s holdings in Public Storage were worth $7,228,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Gold Investment Management Ltd. bought a new stake in Public Storage during the 4th quarter worth $849,000. The Manufacturers Life Insurance Company increased its stake in shares of Public Storage by 4.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 129,091 shares of the real estate investment trust’s stock valued at $39,373,000 after buying an additional 5,239 shares during the period. Global Assets Advisory LLC bought a new position in Public Storage in the 1st quarter valued at approximately $7,319,000. Centersquare Investment Management LLC grew its holdings in Public Storage by 17.2% during the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after acquiring an additional 173,975 shares during the last quarter. Finally, Scarborough Advisors LLC acquired a new position in Public Storage in the 4th quarter valued at approximately $4,701,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on PSA shares. Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a research note on Thursday, August 1st. Wolfe Research raised Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Jefferies Financial Group lifted their price objective on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Citigroup increased their target price on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Scotiabank boosted their price target on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus target price of $339.08.

Public Storage Stock Performance

Shares of Public Storage stock opened at $365.01 on Tuesday. The business has a 50-day simple moving average of $328.18 and a 200 day simple moving average of $296.38. Public Storage has a one year low of $233.18 and a one year high of $366.29. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market capitalization of $64.14 billion, a price-to-earnings ratio of 33.15, a PEG ratio of 5.12 and a beta of 0.67.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing the consensus estimate of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The firm had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the prior year, the firm earned $4.28 EPS. The company’s revenue was down 1.0% compared to the same quarter last year. On average, research analysts anticipate that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.29%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s payout ratio is presently 108.99%.

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.