The Manufacturers Life Insurance Company Cuts Stake in Public Storage (NYSE:PSA)

The Manufacturers Life Insurance Company decreased its stake in Public Storage (NYSE:PSA) by 3.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 109,158 shares of the real estate investment trust’s stock after selling 4,400 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.06% of Public Storage worth $31,399,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of PSA. Stifel Financial Corp grew its position in Public Storage by 9.4% in the fourth quarter. Stifel Financial Corp now owns 61,847 shares of the real estate investment trust’s stock valued at $18,868,000 after acquiring an additional 5,299 shares in the last quarter. Dorsey & Whitney Trust CO LLC acquired a new stake in Public Storage during the 4th quarter valued at $322,000. Bank of Nova Scotia increased its stake in Public Storage by 31.7% during the 4th quarter. Bank of Nova Scotia now owns 19,868 shares of the real estate investment trust’s stock worth $6,059,000 after buying an additional 4,782 shares during the period. Alberta Investment Management Corp lifted its holdings in Public Storage by 48.6% in the 4th quarter. Alberta Investment Management Corp now owns 5,500 shares of the real estate investment trust’s stock worth $1,678,000 after buying an additional 1,800 shares in the last quarter. Finally, Rathbones Group PLC boosted its position in Public Storage by 18.3% in the 4th quarter. Rathbones Group PLC now owns 5,151 shares of the real estate investment trust’s stock valued at $1,571,000 after buying an additional 795 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Price Performance

PSA opened at $363.90 on Tuesday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. The company’s 50-day moving average price is $333.64 and its 200 day moving average price is $298.87. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $366.80. The firm has a market cap of $63.95 billion, a price-to-earnings ratio of 33.05, a price-to-earnings-growth ratio of 5.10 and a beta of 0.67.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The company had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the previous year, the company posted $4.28 earnings per share. The firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. As a group, sell-side analysts expect that Public Storage will post 16.75 earnings per share for the current 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 issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.30%. The ex-dividend date was Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is 108.99%.

Wall Street Analysts Forecast Growth

PSA has been the topic of several recent analyst reports. Barclays boosted their price target on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Evercore ISI increased their target price on Public Storage from $334.00 to $343.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Citigroup lifted their price target on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Jefferies Financial Group increased their price objective on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, Wells Fargo & Company boosted their target price on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $339.08.

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.