Summit Trail Advisors LLC Reduces Stock Holdings in Public Storage (NYSE:PSA)

Summit Trail Advisors LLC cut its holdings in Public Storage (NYSE:PSA) by 29.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 922 shares of the real estate investment trust’s stock after selling 377 shares during the period. Summit Trail Advisors LLC’s holdings in Public Storage were worth $281,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Stratos Wealth Partners LTD. lifted its position in shares of Public Storage by 22.5% in the third quarter. Stratos Wealth Partners LTD. now owns 2,168 shares of the real estate investment trust’s stock valued at $571,000 after acquiring an additional 398 shares in the last quarter. Park Avenue Securities LLC acquired a new stake in shares of Public Storage during the 3rd quarter worth about $856,000. Whittier Trust Co. boosted its position in Public Storage by 3.4% during the third quarter. Whittier Trust Co. now owns 1,627 shares of the real estate investment trust’s stock worth $429,000 after acquiring an additional 54 shares during the last quarter. TD Asset Management Inc grew its stake in Public Storage by 5.9% in the 3rd quarter. TD Asset Management Inc now owns 288,152 shares of the real estate investment trust’s stock worth $75,934,000 after acquiring an additional 16,044 shares during the period. Finally, Arbor Capital Management Inc. ADV raised its holdings in Public Storage by 7.2% in the 3rd quarter. Arbor Capital Management Inc. ADV now owns 4,666 shares of the real estate investment trust’s stock valued at $1,189,000 after acquiring an additional 312 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Trading Down 1.5 %

NYSE:PSA opened at $269.12 on Thursday. The firm has a market capitalization of $47.28 billion, a PE ratio of 24.44, a price-to-earnings-growth ratio of 3.49 and a beta of 0.57. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.54. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25. The business’s 50-day moving average is $276.12 and its two-hundred day moving average is $276.24.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.15 by ($1.94). The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.14 billion. Public Storage had a net margin of 45.62% and a return on equity of 36.17%. The firm’s revenue was up 6.6% compared to the same quarter last year. During the same period last year, the business earned $4.16 EPS. Research analysts predict that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.46%. Public Storage’s payout ratio is 108.99%.

Analyst Ratings Changes

PSA has been the subject of a number of recent analyst reports. Barclays began coverage on Public Storage in a research report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price objective for the company. BMO Capital Markets raised their target price on shares of Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 19th. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $280.00 to $310.00 in a report on Friday, April 5th. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target on the stock in a research note on Thursday, March 28th. Finally, Scotiabank boosted their price objective on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research note on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and an average target price of $305.00.

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.