Corient Private Wealth LLC Decreases Holdings in Public Storage $PSA

Corient Private Wealth LLC lowered its stake in shares of Public Storage (NYSE:PSA) by 21.7% in the second quarter, Holdings Channel reports. The firm owned 61,055 shares of the real estate investment trust’s stock after selling 16,871 shares during the period. Corient Private Wealth LLC’s holdings in Public Storage were worth $17,915,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Norges Bank acquired a new stake in Public Storage in the 2nd quarter worth about $1,153,971,000. AQR Capital Management LLC raised its holdings in shares of Public Storage by 498.7% during the second quarter. AQR Capital Management LLC now owns 578,491 shares of the real estate investment trust’s stock valued at $166,970,000 after acquiring an additional 481,872 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Public Storage by 68.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,164,992 shares of the real estate investment trust’s stock valued at $348,670,000 after acquiring an additional 475,342 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Public Storage in the second quarter worth approximately $94,297,000. Finally, 1832 Asset Management L.P. increased its position in shares of Public Storage by 375.7% during the second quarter. 1832 Asset Management L.P. now owns 389,169 shares of the real estate investment trust’s stock worth $114,190,000 after purchasing an additional 307,357 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

PSA has been the subject of several recent research reports. Scotiabank decreased their price objective on Public Storage from $340.00 to $333.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 28th. Raymond James Financial reduced their target price on shares of Public Storage from $350.00 to $330.00 and set a “strong-buy” rating for the company in a research report on Tuesday, November 18th. Mizuho decreased their price target on shares of Public Storage from $310.00 to $285.00 and set a “neutral” rating on the stock in a research note on Friday, December 5th. Truist Financial dropped their price objective on shares of Public Storage from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, November 25th. Finally, Morgan Stanley started coverage on shares of Public Storage in a report on Friday, December 5th. They issued an “equal weight” rating and a $290.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Public Storage currently has an average rating of “Moderate Buy” and a consensus price target of $320.87.

Public Storage Trading Down 0.0%

Shares of PSA stock opened at $267.46 on Thursday. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 1.99. Public Storage has a twelve month low of $256.60 and a twelve month high of $322.49. The company’s 50-day moving average price is $281.74 and its 200-day moving average price is $286.95. The stock has a market cap of $46.93 billion, a price-to-earnings ratio of 27.77, a PEG ratio of 5.73 and a beta of 1.01.

Public Storage (NYSE:PSA) last issued its earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 EPS for the quarter, topping analysts’ consensus estimates of $4.24 by $0.07. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.21 billion. Public Storage had a net margin of 39.53% and a return on equity of 36.09%. Public Storage’s quarterly revenue was down 5.4% compared to the same quarter last year. 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. As a group, equities analysts predict that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend is Monday, December 15th. Public Storage’s 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.