Corient Private Wealth LLC Reduces Holdings in Public Storage $PSA

Corient Private Wealth LLC lowered its stake in shares of Public Storage (NYSE:PSA) by 21.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,055 shares of the real estate investment trust’s stock after selling 16,871 shares during the quarter. Corient Private Wealth LLC’s holdings in Public Storage were worth $17,915,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Jump Financial LLC purchased a new position in shares of Public Storage in the first quarter worth about $1,124,000. The Manufacturers Life Insurance Company boosted its position in Public Storage by 3.0% in the first 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 buying an additional 2,990 shares during the last quarter. Clear Creek Financial Management LLC acquired a new position in Public Storage in the 2nd quarter worth approximately $342,000. Cbre Investment Management Listed Real Assets LLC raised its position in Public Storage by 29.0% during the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 339,993 shares of the real estate investment trust’s stock worth $101,757,000 after buying an additional 76,444 shares during the last quarter. Finally, Diversified Trust Co purchased a new position in Public Storage during the 2nd quarter worth approximately $418,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Down 0.0%

PSA opened at $267.46 on Thursday. The company has a fifty day moving average of $281.74 and a two-hundred day moving average of $286.95. The stock has a market capitalization of $46.93 billion, a price-to-earnings ratio of 27.77, a PEG ratio of 5.73 and a beta of 1.01. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $322.49. The company has a debt-to-equity ratio of 1.99, a quick ratio of 0.45 and a current ratio of 0.45.

Public Storage (NYSE:PSA) last posted its earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 EPS for the quarter, beating analysts’ consensus estimates of $4.24 by $0.07. Public Storage had a return on equity of 36.09% and a net margin of 39.53%.The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.21 billion. During the same period last year, the firm earned $4.20 EPS. The company’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. On average, research analysts expect that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

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

Analyst Ratings Changes

Several research firms have recently commented on PSA. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “hold” rating to a “buy” rating and set a $325.00 price objective on the stock in a report on Monday, October 13th. Raymond James Financial lowered their price target on shares of Public Storage from $350.00 to $330.00 and set a “strong-buy” rating on the stock in a report on Tuesday, November 18th. Truist Financial cut 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. Mizuho decreased their price objective on Public Storage from $310.00 to $285.00 and set a “neutral” rating for the company in a report on Friday, December 5th. Finally, Wall Street Zen upgraded Public Storage from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus 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.