Deseret Mutual Benefit Administrators Trims Stake in Public Storage (NYSE:PSA)

Deseret Mutual Benefit Administrators lowered its holdings in Public Storage (NYSE:PSA) by 18.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 148 shares of the real estate investment trust’s stock after selling 34 shares during the quarter. Deseret Mutual Benefit Administrators’ holdings in Public Storage were worth $43,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. International Assets Investment Management LLC purchased a new stake in shares of Public Storage in the 4th quarter valued at $3,112,000. Axxcess Wealth Management LLC raised its holdings in shares of Public Storage by 47.8% in the 4th quarter. Axxcess Wealth Management LLC now owns 1,184 shares of the real estate investment trust’s stock valued at $361,000 after buying an additional 383 shares during the period. Private Advisor Group LLC raised its holdings in shares of Public Storage by 2.0% in the 4th quarter. Private Advisor Group LLC now owns 4,587 shares of the real estate investment trust’s stock valued at $1,399,000 after buying an additional 92 shares during the period. Apollon Wealth Management LLC raised its holdings in shares of Public Storage by 16.9% in the 4th quarter. Apollon Wealth Management LLC now owns 1,400 shares of the real estate investment trust’s stock valued at $427,000 after buying an additional 202 shares during the period. Finally, Gryphon Financial Partners LLC raised its holdings in shares of Public Storage by 2.5% in the 4th quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock valued at $476,000 after buying an additional 38 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Trading Down 0.8 %

NYSE:PSA opened at $341.17 on Friday. The stock has a 50-day simple moving average of $311.94 and a 200-day simple moving average of $289.93. The stock has a market cap of $59.71 billion, a P/E ratio of 30.99, a P/E/G ratio of 5.69 and a beta of 0.67. Public Storage has a 1 year low of $233.18 and a 1 year high of $347.77. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.20 by ($1.54). The business had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The company’s revenue was down 1.0% compared to the same quarter last year. During the same period in the prior year, the company posted $4.28 earnings per share. As a group, analysts anticipate that Public Storage will post 16.72 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.52%. The ex-dividend date is Friday, September 13th. Public Storage’s payout ratio is currently 108.99%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on PSA shares. Citigroup boosted their price objective on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Wells Fargo & Company boosted their target price on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Scotiabank boosted their target price on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 22nd. Evercore ISI boosted their target price on Public Storage from $330.00 to $334.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. Finally, Barclays boosted their target price on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $323.77.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the sale, the insider now directly owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 11.00% of the company’s stock.

Public Storage 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.