Truist Financial Corp Has $6.70 Million Stake in Public Storage $PSA

Truist Financial Corp decreased its position in Public Storage (NYSE:PSA) by 22.9% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 22,835 shares of the real estate investment trust’s stock after selling 6,801 shares during the period. Truist Financial Corp’s holdings in Public Storage were worth $6,700,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the company. NBC Securities Inc. bought a new stake in Public Storage during the first quarter worth about $135,000. UMB Bank n.a. raised its stake in Public Storage by 6.2% in the first quarter. UMB Bank n.a. now owns 21,552 shares of the real estate investment trust’s stock valued at $6,450,000 after buying an additional 1,256 shares during the period. Wedmont Private Capital raised its stake in Public Storage by 20.9% in the 1st quarter. Wedmont Private Capital now owns 874 shares of the real estate investment trust’s stock valued at $245,000 after acquiring an additional 151 shares during the period. Miracle Mile Advisors LLC bought a new position in shares of Public Storage in the first quarter valued at about $280,000. Finally, Park Avenue Securities LLC raised its holdings in Public Storage by 18.9% in the 1st quarter. Park Avenue Securities LLC now owns 3,725 shares of the real estate investment trust’s stock valued at $1,115,000 after acquiring an additional 592 shares during the period. Institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Evercore ISI increased their target price on Public Storage from $312.00 to $317.00 and gave the stock a “cautious” rating in a research note on Friday. BMO Capital Markets lowered shares of Public Storage from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $340.00 to $325.00 in a research report on Friday, June 20th. UBS Group dropped their price objective on shares of Public Storage from $305.00 to $295.00 and set a “neutral” rating for the company in a research note on Tuesday, September 16th. Royal Bank Of Canada dropped their price target on shares of Public Storage from $328.00 to $309.00 and set a “sector perform” rating for the company in a research report on Friday, August 1st. Finally, Scotiabank decreased their price target on Public Storage from $340.00 to $333.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 28th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and an average price target of $322.92.

Public Storage Stock Performance

Public Storage stock opened at $290.69 on Tuesday. The stock has a market cap of $51.00 billion, a PE ratio of 31.70, a P/E/G ratio of 4.87 and a beta of 0.89. 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 business’s 50-day moving average price is $286.78 and its two-hundred day moving average price is $291.43. Public Storage has a 12-month low of $256.60 and a 12-month high of $355.87.

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

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were given a dividend of $3.00 per share. The ex-dividend date was Monday, September 15th. This represents a $12.00 dividend on an annualized basis and a yield of 4.1%. Public Storage’s payout ratio is currently 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.