Benjamin Edwards Inc. Sells 8,184 Shares of Public Storage $PSA

Benjamin Edwards Inc. cut its holdings in shares of Public Storage (NYSE:PSA) by 71.6% during the 3rd quarter, Holdings Channel reports. The firm owned 3,243 shares of the real estate investment trust’s stock after selling 8,184 shares during the period. Benjamin Edwards Inc.’s holdings in Public Storage were worth $937,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Public Storage by 0.4% during the second quarter. Vanguard Group Inc. now owns 20,815,476 shares of the real estate investment trust’s stock worth $6,107,677,000 after buying an additional 79,580 shares in the last quarter. State Street Corp lifted its position in shares of Public Storage by 1.2% during the 2nd quarter. State Street Corp now owns 10,613,807 shares of the real estate investment trust’s stock valued at $3,114,303,000 after acquiring an additional 126,113 shares during the period. Norges Bank acquired a new stake in shares of Public Storage during the 2nd quarter worth $1,153,971,000. JPMorgan Chase & Co. grew its holdings in shares of Public Storage by 3.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,157,067 shares of the real estate investment trust’s stock worth $926,357,000 after purchasing an additional 103,965 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Public Storage by 3.1% in the second quarter. Charles Schwab Investment Management Inc. now owns 2,924,395 shares of the real estate investment trust’s stock worth $857,674,000 after purchasing an additional 87,918 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Trading Up 0.3%

Shares of Public Storage stock opened at $279.90 on Wednesday. The firm’s 50 day moving average is $269.42 and its 200 day moving average is $282.57. The firm has a market capitalization of $49.11 billion, a PE ratio of 29.07, a price-to-earnings-growth ratio of 6.79 and a beta of 1.01. Public Storage has a 1 year low of $256.54 and a 1 year high of $322.49. 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 (NYSE:PSA) last issued its earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 earnings per share for the quarter, beating analysts’ consensus estimates of $4.24 by $0.07. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.21 billion. Public Storage had a net margin of 39.53% and a return on equity of 36.09%. The company’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter last year, the business posted $4.20 earnings per share. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. Equities research analysts forecast that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 30th. Investors of record on Monday, December 15th were issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Monday, December 15th. This represents a $12.00 annualized dividend and a dividend yield of 4.3%. Public Storage’s dividend payout ratio (DPR) is 124.61%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PSA. Truist Financial cut 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 report on Tuesday, November 25th. BMO Capital Markets dropped their target price on shares of Public Storage from $320.00 to $305.00 and set a “market perform” rating for the company in a research report on Monday, December 22nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Public Storage in a research report on Wednesday, October 8th. JPMorgan Chase & Co. restated a “neutral” rating and set a $301.00 price objective (down from $316.00) on shares of Public Storage in a research report on Thursday, December 18th. Finally, Barclays set a $331.00 target price on Public Storage in a research note on Tuesday. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $315.47.

Public Storage Company Profile

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.