DekaBank Deutsche Girozentrale Trims Stock Holdings in Public Storage (NYSE:PSA)

DekaBank Deutsche Girozentrale trimmed its position in Public Storage (NYSE:PSA) by 19.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 134,169 shares of the real estate investment trust’s stock after selling 32,388 shares during the period. DekaBank Deutsche Girozentrale owned 0.08% of Public Storage worth $38,624,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PSA. Norges Bank purchased a new stake in shares of Public Storage in the fourth quarter worth $821,151,000. Daiwa Securities Group Inc. grew its stake in shares of Public Storage by 86.8% in the first quarter. Daiwa Securities Group Inc. now owns 645,168 shares of the real estate investment trust’s stock worth $187,137,000 after acquiring an additional 299,826 shares during the last quarter. Canada Pension Plan Investment Board grew its stake in shares of Public Storage by 34.4% in the first quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock worth $319,270,000 after acquiring an additional 281,800 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Public Storage by 4.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock worth $1,575,794,000 after acquiring an additional 219,391 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Public Storage by 1.0% in the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after acquiring an additional 217,487 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Public Storage

In other news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction that occurred on 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 transaction, the insider now owns 3,214 shares in the company, valued at approximately $881,568.06. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction that occurred on 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 transaction, the insider now owns 3,214 shares in the company, valued at approximately $881,568.06. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kristy Pipes bought 2,149 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was bought at an average price of $278.96 per share, with a total value of $599,485.04. Following the acquisition, the director now owns 2,149 shares in the company, valued at approximately $599,485.04. The disclosure for this purchase can be found here. 11.00% of the stock is currently owned by company insiders.

Public Storage Price Performance

Shares of NYSE:PSA traded up $11.82 during trading on Friday, hitting $311.90. 1,217,011 shares of the company’s stock were exchanged, compared to its average volume of 652,290. The company has a market cap of $54.81 billion, a price-to-earnings ratio of 28.33, a PEG ratio of 4.39 and a beta of 0.65. The business’s 50-day simple moving average is $288.97 and its 200 day simple moving average is $282.82. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.54. Public Storage has a 52-week low of $233.18 and a 52-week high of $314.93.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing the consensus estimate of $4.20 by ($1.54). The firm had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.28 EPS. As a group, equities analysts predict that Public Storage will post 16.8 EPS for the current year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.85%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s dividend payout ratio is presently 108.99%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on PSA shares. Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a report on Thursday. Evercore ISI raised their price objective on Public Storage from $289.00 to $300.00 and gave the stock an “in-line” rating in a research note on Monday, July 15th. Wells Fargo & Company raised their price objective on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Barclays decreased their price objective on Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research note on Monday, May 20th. Finally, Scotiabank raised their price objective on Public Storage from $289.00 to $314.00 and gave the stock a “sector perform” rating in a research note on Friday, July 19th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and a consensus target price of $309.73.

About Public Storage

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.