Ballentine Partners LLC Reduces Stock Position in Public Storage $PSA

Ballentine Partners LLC cut its stake in Public Storage (NYSE:PSA) by 5.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 819 shares of the real estate investment trust’s stock after selling 48 shares during the period. Ballentine Partners LLC’s holdings in Public Storage were worth $240,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in PSA. Parallel Advisors LLC grew its position in shares of Public Storage by 4.0% in the first quarter. Parallel Advisors LLC now owns 2,041 shares of the real estate investment trust’s stock valued at $611,000 after purchasing an additional 78 shares in the last quarter. Fifth Third Wealth Advisors LLC grew its position in Public Storage by 3.8% in the first quarter. Fifth Third Wealth Advisors LLC now owns 1,588 shares of the real estate investment trust’s stock worth $475,000 after acquiring an additional 58 shares during the period. Rhumbline Advisers grew its position in Public Storage by 2.3% in the first quarter. Rhumbline Advisers now owns 351,404 shares of the real estate investment trust’s stock worth $105,172,000 after acquiring an additional 8,064 shares during the period. Czech National Bank grew its position in Public Storage by 5.9% in the first quarter. Czech National Bank now owns 36,197 shares of the real estate investment trust’s stock worth $10,833,000 after acquiring an additional 2,027 shares during the period. Finally, Mid American Wealth Advisory Group Inc. purchased a new position in Public Storage in the first quarter worth approximately $268,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Scotiabank lowered their price objective on Public Storage from $340.00 to $333.00 and set a “sector outperform” rating for the company in a research report on Thursday, August 28th. BMO Capital Markets lowered Public Storage from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $340.00 to $325.00 in a research report on Friday, June 20th. Barclays lowered their price objective on Public Storage from $351.00 to $349.00 and set an “overweight” rating for the company in a research report on Friday, August 8th. BNP Paribas upgraded Public Storage to a “strong-buy” rating in a research report on Tuesday, June 24th. Finally, UBS Group lowered their price objective on Public Storage from $305.00 to $295.00 and set a “neutral” rating for the company in a research report on Tuesday, September 16th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $322.00.

Public Storage Stock Up 0.7%

NYSE:PSA opened at $288.25 on Tuesday. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 2.04. The stock’s fifty day moving average is $286.55 and its two-hundred day moving average is $291.63. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99. The stock has a market capitalization of $50.57 billion, a price-to-earnings ratio of 31.43, a price-to-earnings-growth ratio of 4.75 and a beta of 0.86.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, topping analysts’ consensus estimates of $4.23 by $0.05. The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.20 billion. Public Storage had a return on equity of 34.06% and a net margin of 38.13%.The firm’s revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.23 earnings per share. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Research analysts anticipate that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.2%. The ex-dividend date is Monday, September 15th. Public Storage’s dividend payout ratio (DPR) is presently 130.86%.

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.