Carnegie Investment Counsel Sells 271 Shares of Public Storage (NYSE:PSA)

Carnegie Investment Counsel reduced its holdings in shares of Public Storage (NYSE:PSA) by 14.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,647 shares of the real estate investment trust’s stock after selling 271 shares during the quarter. Carnegie Investment Counsel’s holdings in Public Storage were worth $474,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PSA. International Assets Investment Management LLC acquired a new position in shares of Public Storage in the fourth quarter valued at approximately $3,112,000. SVB Wealth LLC acquired a new position in Public Storage in the 4th quarter valued at approximately $245,000. J.W. Cole Advisors Inc. bought a new position in shares of Public Storage during the fourth quarter valued at $572,000. abrdn plc lifted its holdings in shares of Public Storage by 5.5% during the fourth quarter. abrdn plc now owns 270,908 shares of the real estate investment trust’s stock worth $82,627,000 after purchasing an additional 14,210 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Public Storage by 0.9% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 45,422 shares of the real estate investment trust’s stock valued at $13,854,000 after buying an additional 421 shares during the period. Institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

PSA traded down $1.83 during trading on Wednesday, reaching $323.72. 48,368 shares of the company were exchanged, compared to its average volume of 711,005. Public Storage has a 12-month low of $233.18 and a 12-month high of $326.13. The company’s 50-day moving average is $299.28 and its two-hundred day moving average is $285.06. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. The company has a market cap of $56.89 billion, a price-to-earnings ratio of 29.57, a P/E/G ratio of 5.30 and a beta of 0.65.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The firm had revenue of $921.70 million during the quarter, compared to analysts’ expectations of $1.16 billion. During the same period in the previous year, the company posted $4.28 earnings per share. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. Research analysts forecast that Public Storage will post 16.74 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.71%. Public Storage’s payout ratio is currently 108.99%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Wells Fargo & Company raised their price objective on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a report on Thursday, August 1st. Scotiabank reduced their target price on Public Storage from $314.00 to $308.00 and set a “sector perform” rating for the company in a research note on Wednesday, August 7th. Barclays decreased their price target on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a research note on Monday, May 20th. Finally, Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price for the company. in a research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Public Storage has an average rating of “Hold” and a consensus price target of $309.92.

Insider Buying and Selling

In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the sale, the insider now owns 3,214 shares of the company’s stock, valued at $881,568.06. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 11.00% of the stock is owned by company insiders.

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.