First Trust Advisors LP Sells 534,173 Shares of Public Storage $PSA

First Trust Advisors LP decreased its position in shares of Public Storage (NYSE:PSA) by 74.0% during the first quarter, according to its most recent filing with the SEC. The firm owned 187,415 shares of the real estate investment trust’s stock after selling 534,173 shares during the period. First Trust Advisors LP’s holdings in Public Storage were worth $50,767,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. ABN Amro Investment Solutions boosted its position in shares of Public Storage by 10.7% during the first quarter. ABN Amro Investment Solutions now owns 8,623 shares of the real estate investment trust’s stock valued at $2,336,000 after purchasing an additional 836 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new position in Public Storage in the first quarter worth $76,000. Johnson Financial Group Inc. lifted its position in Public Storage by 12.9% during the first quarter. Johnson Financial Group Inc. now owns 7,639 shares of the real estate investment trust’s stock valued at $2,069,000 after buying an additional 873 shares during the period. Meeder Advisory Services Inc. lifted its position in Public Storage by 1.6% during the first quarter. Meeder Advisory Services Inc. now owns 2,794 shares of the real estate investment trust’s stock valued at $757,000 after buying an additional 44 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in Public Storage by 3.1% during the first quarter. Dimensional Fund Advisors LP now owns 2,280,540 shares of the real estate investment trust’s stock valued at $617,720,000 after buying an additional 67,787 shares during the period. Institutional investors own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PSA. Raymond James Financial started coverage on shares of Public Storage in a research report on Thursday, July 16th. They issued a “market perform” rating on the stock. Royal Bank Of Canada lifted their price target on shares of Public Storage from $301.00 to $305.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 29th. Truist Financial boosted their price objective on shares of Public Storage from $302.00 to $338.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Evercore set a $316.00 price objective on shares of Public Storage in a report on Monday, July 6th. Finally, Scotiabank raised their target price on shares of Public Storage from $342.00 to $345.00 and gave the company an “outperform” rating in a research note on Wednesday, July 8th. Seven equities research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company. Based on data from MarketBeat, Public Storage has an average rating of “Hold” and an average price target of $325.37.

Public Storage Trading Up 0.2%

Shares of NYSE PSA opened at $323.05 on Monday. The firm’s 50 day moving average price is $315.35 and its 200-day moving average price is $300.14. The company has a market cap of $56.71 billion, a PE ratio of 33.34, a P/E/G ratio of 4.34 and a beta of 0.96. Public Storage has a 52-week low of $256.54 and a 52-week high of $331.79. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.56 and a current ratio of 0.56.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Monday, April 27th. The real estate investment trust reported $2.71 earnings per share for the quarter, beating the consensus estimate of $2.42 by $0.29. Public Storage had a net margin of 39.16% and a return on equity of 37.78%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter last year, the firm earned $4.12 earnings per share. The firm’s quarterly revenue was down .1% compared to the same quarter last year. On average, equities research analysts expect that Public Storage will post 16.94 EPS for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a $3.00 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $12.00 annualized dividend and a yield of 3.7%. Public Storage’s dividend payout ratio is 123.84%.

Insider Buying and Selling

In other Public Storage news, insider Nathaniel A. Vitan sold 950 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $324.81, for a total transaction of $308,569.50. Following the sale, the insider directly owned 1,414 shares in the company, valued at approximately $459,281.34. This trade represents a 40.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 11.10% of the company’s stock.

Public Storage 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.