Two Sigma Investments LP Sells 1,400 Shares of Public Storage (NYSE:PSA)

Two Sigma Investments LP lessened its stake in Public Storage (NYSE:PSA) by 41.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,000 shares of the real estate investment trust’s stock after selling 1,400 shares during the period. Two Sigma Investments LP’s holdings in Public Storage were worth $599,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. Cohen & Steers Inc. grew its holdings in shares of Public Storage by 12.3% in the 4th quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust’s stock valued at $1,626,731,000 after buying an additional 592,944 shares during the period. Geode Capital Management LLC grew its holdings in shares of Public Storage by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust’s stock valued at $1,197,769,000 after buying an additional 78,472 shares during the period. Norges Bank acquired a new position in shares of Public Storage in the 4th quarter valued at $931,286,000. Northern Trust Corp grew its holdings in shares of Public Storage by 43.4% in the 4th quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust’s stock valued at $741,592,000 after buying an additional 749,913 shares during the period. Finally, Deutsche Bank AG lifted its position in Public Storage by 44.6% in the 4th quarter. Deutsche Bank AG now owns 1,407,754 shares of the real estate investment trust’s stock valued at $421,538,000 after acquiring an additional 433,918 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Up 0.9%

Shares of PSA stock opened at $303.30 on Monday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The firm’s 50-day moving average is $295.50 and its 200-day moving average is $302.14. The stock has a market cap of $53.21 billion, a price-to-earnings ratio of 31.50, a PEG ratio of 4.91 and a beta of 0.89. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99.

Public Storage (NYSE:PSA) last issued its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.06 by $0.06. The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. Public Storage’s quarterly revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.03 EPS. Sell-side analysts predict that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.96%. Public Storage’s payout ratio is 119.17%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Wells Fargo & Company cut their price objective on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Bank of America boosted their price objective on shares of Public Storage from $368.00 to $380.00 and gave the company a “buy” rating in a research report on Tuesday, May 13th. Mizuho boosted their price objective on shares of Public Storage from $287.00 to $309.00 and gave the company a “neutral” rating in a research report on Wednesday, May 28th. Evercore ISI boosted their price objective on shares of Public Storage from $297.00 to $309.00 and gave the company an “in-line” rating in a research report on Friday, May 2nd. Finally, Truist Financial raised shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price objective on the stock in a research report on Thursday, April 10th. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Public Storage has an average rating of “Moderate Buy” and a consensus price target of $339.25.

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.