Federated Hermes Inc. Trims Stock Holdings in Public Storage $PSA

Federated Hermes Inc. decreased its stake in shares of Public Storage (NYSE:PSA) by 7.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 115,318 shares of the real estate investment trust’s stock after selling 9,245 shares during the quarter. Federated Hermes Inc. owned about 0.07% of Public Storage worth $33,837,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Rockport Wealth LLC bought a new stake in shares of Public Storage in the second quarter worth $277,000. Stenger Family Office LLC purchased a new position in Public Storage in the 2nd quarter worth approximately $1,503,000. StoneX Group Inc. boosted its position in shares of Public Storage by 5.2% during the second quarter. StoneX Group Inc. now owns 1,786 shares of the real estate investment trust’s stock worth $524,000 after acquiring an additional 88 shares during the last quarter. Marshall Wace LLP grew its position in shares of Public Storage by 180.2% during the second quarter. Marshall Wace LLP now owns 44,048 shares of the real estate investment trust’s stock valued at $12,925,000 after purchasing an additional 28,329 shares in the last quarter. Finally, Baird Financial Group Inc. grew its holdings in Public Storage by 24.3% during the 2nd quarter. Baird Financial Group Inc. now owns 25,424 shares of the real estate investment trust’s stock valued at $7,460,000 after buying an additional 4,975 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Trading Down 1.7%

Shares of Public Storage stock opened at $265.07 on Wednesday. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.45 and a quick ratio of 0.45. The stock’s 50 day simple moving average is $284.31 and its 200-day simple moving average is $288.19. The stock has a market cap of $46.51 billion, a P/E ratio of 27.53, a P/E/G ratio of 5.78 and a beta of 1.01. Public Storage has a 1-year low of $256.60 and a 1-year high of $334.23.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 earnings per share for the quarter, beating the consensus estimate of $4.24 by $0.07. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.21 billion. Public Storage had a net margin of 39.53% and a return on equity of 36.09%. The company’s revenue was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.20 EPS. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. Analysts predict that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Monday, December 15th. Public Storage’s dividend payout ratio (DPR) is currently 124.61%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on PSA shares. Royal Bank Of Canada reduced their target price on shares of 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. BMO Capital Markets lowered their target price on Public Storage from $325.00 to $320.00 and set a “market perform” rating for the company in a report on Monday, November 24th. Evercore ISI dropped their price objective on shares of Public Storage from $315.00 to $309.00 and set an “in-line” rating on the stock in a research note on Monday, December 1st. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “hold” rating to a “buy” rating and set a $325.00 target price on the stock in a research note on Monday, October 13th. Finally, Truist Financial reduced their price target on Public Storage from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, November 25th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Public Storage currently has an average rating of “Moderate Buy” and an average price target of $320.87.

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.