Commonwealth Financial Services LLC Reduces Position in Public Storage (NYSE:PSA)

Commonwealth Financial Services LLC reduced its position in shares of Public Storage (NYSE:PSA) by 3.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 920 shares of the real estate investment trust’s stock after selling 36 shares during the period. Commonwealth Financial Services LLC’s holdings in Public Storage were worth $331,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the business. Asset Planning Services Inc. LA ADV raised its position in shares of Public Storage by 2.3% during the 3rd quarter. Asset Planning Services Inc. LA ADV now owns 18,398 shares of the real estate investment trust’s stock worth $6,694,000 after acquiring an additional 420 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its holdings in Public Storage by 24.7% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 4,921 shares of the real estate investment trust’s stock worth $1,791,000 after purchasing an additional 975 shares in the last quarter. Patrick M Sweeney & Associates Inc. lifted its position in shares of Public Storage by 14.3% during the 3rd quarter. Patrick M Sweeney & Associates Inc. now owns 1,039 shares of the real estate investment trust’s stock worth $378,000 after buying an additional 130 shares during the last quarter. Weaver Capital Management LLC lifted its position in shares of Public Storage by 2.8% during the 3rd quarter. Weaver Capital Management LLC now owns 5,323 shares of the real estate investment trust’s stock worth $1,937,000 after buying an additional 147 shares during the last quarter. Finally, GAM Holding AG boosted its holdings in shares of Public Storage by 0.4% in the 3rd quarter. GAM Holding AG now owns 33,074 shares of the real estate investment trust’s stock valued at $12,034,000 after buying an additional 135 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Morgan Stanley boosted their price target on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Jefferies Financial Group raised their price target on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Royal Bank of Canada assumed coverage on Public Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price target on the stock. Barclays lifted their target price on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Finally, Scotiabank increased their price target on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $340.93.

Public Storage Stock Performance

Shares of PSA stock traded up $0.57 during trading hours on Thursday, reaching $340.34. 24,826 shares of the company’s stock were exchanged, compared to its average volume of 705,071. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. The company’s 50 day moving average is $346.82 and its two-hundred day moving average is $306.35. The company has a market cap of $59.57 billion, a P/E ratio of 31.84, a price-to-earnings-growth ratio of 4.72 and a beta of 0.68. Public Storage has a 1 year low of $233.18 and a 1 year high of $369.99.

Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing the consensus estimate of $4.20 by ($1.54). The company had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. Public Storage’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.28 earnings per share. Equities research analysts anticipate that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.53%. The ex-dividend date was Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is 112.46%.

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.