ABC Arbitrage SA Decreases Stake in Public Storage $PSA

ABC Arbitrage SA cut its stake in shares of Public Storage (NYSE:PSA) by 58.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,775 shares of the real estate investment trust’s stock after selling 2,506 shares during the quarter. ABC Arbitrage SA’s holdings in Public Storage were worth $521,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. TCW Group Inc. boosted its position in Public Storage by 5.2% in the first quarter. TCW Group Inc. now owns 13,696 shares of the real estate investment trust’s stock valued at $4,099,000 after buying an additional 676 shares during the last quarter. Jump Financial LLC purchased a new position in Public Storage during the 1st quarter worth approximately $1,124,000. Vanguard Group Inc. lifted its stake in Public Storage by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 20,735,896 shares of the real estate investment trust’s stock valued at $6,206,046,000 after acquiring an additional 143,575 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Public Storage by 3.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 103,972 shares of the real estate investment trust’s stock valued at $31,118,000 after acquiring an additional 2,990 shares during the last quarter. Finally, Meridian Wealth Management LLC boosted its holdings in shares of Public Storage by 181.2% in the 1st quarter. Meridian Wealth Management LLC now owns 3,712 shares of the real estate investment trust’s stock valued at $1,111,000 after acquiring an additional 2,392 shares during the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on PSA. Scotiabank reduced their target price on shares of Public Storage from $340.00 to $333.00 and set a “sector outperform” rating for the company in a report on Thursday, August 28th. JPMorgan Chase & Co. reduced their price objective on Public Storage from $324.00 to $321.00 and set an “overweight” rating for the company in a research note on Friday, September 12th. Wells Fargo & Company boosted their price objective on Public Storage from $320.00 to $330.00 and gave the company an “overweight” rating in a report on Monday, October 27th. Royal Bank Of Canada lowered their target price on Public Storage from $309.00 to $307.00 and set a “sector perform” rating on the stock in a research note on Friday, October 31st. Finally, Evercore ISI dropped their target price on Public Storage from $317.00 to $315.00 and set an “in-line” rating on the stock in a report on Monday, November 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $325.38.

Public Storage Stock Performance

Shares of PSA stock opened at $275.07 on Thursday. The company has a market capitalization of $48.26 billion, a P/E ratio of 28.56, a P/E/G ratio of 4.72 and a beta of 0.91. Public Storage has a 12-month low of $256.60 and a 12-month high of $355.87. The business’s 50 day moving average is $290.23 and its two-hundred day moving average is $292.13. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.04.

Public Storage (NYSE:PSA) last announced its earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 earnings per share for the quarter, topping the consensus estimate of $4.24 by $0.07. Public Storage had a return on equity of 35.67% and a net margin of 39.53%.The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same period in the prior year, the company posted $4.20 EPS. The business’s quarterly revenue was down 5.4% on a year-over-year basis. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. Analysts expect that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend is Monday, December 15th. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

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.