Mediolanum International Funds Ltd Decreases Stock Holdings in Public Storage (NYSE:PSA)

Mediolanum International Funds Ltd reduced its holdings in shares of Public Storage (NYSE:PSA) by 7.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 40,898 shares of the real estate investment trust’s stock after selling 3,509 shares during the quarter. Mediolanum International Funds Ltd’s holdings in Public Storage were worth $14,562,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Petredis Investment Advisors LLC raised its stake in shares of Public Storage by 0.4% during the 3rd quarter. Petredis Investment Advisors LLC now owns 6,862 shares of the real estate investment trust’s stock worth $2,497,000 after purchasing an additional 30 shares during the period. Yoder Wealth Management Inc. boosted its stake in Public Storage by 5.0% in the third quarter. Yoder Wealth Management Inc. now owns 763 shares of the real estate investment trust’s stock valued at $278,000 after acquiring an additional 36 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of Public Storage by 0.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust’s stock valued at $1,201,000 after acquiring an additional 39 shares during the period. Brookstone Capital Management increased its stake in shares of Public Storage by 3.4% during the 1st quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock worth $354,000 after purchasing an additional 40 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC raised its holdings in shares of Public Storage by 3.5% in the 1st quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust’s stock worth $357,000 after purchasing an additional 42 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of PSA traded down $1.13 during mid-day trading on Friday, reaching $337.28. 92,407 shares of the stock traded hands, compared to its average volume of 703,426. The company has a market cap of $59.03 billion, a price-to-earnings ratio of 31.61, a price-to-earnings-growth ratio of 4.72 and a beta of 0.68. Public Storage has a 1 year low of $233.18 and a 1 year high of $369.99. The firm has a fifty day moving average price of $346.82 and a 200 day moving average price of $306.35. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72.

Public Storage (NYSE:PSA) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing the consensus estimate of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The business had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the previous year, the firm earned $4.28 earnings per share. Public Storage’s quarterly revenue was down 1.0% compared to the same quarter last year. As a group, equities research analysts predict that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date was Friday, September 13th. Public Storage’s dividend payout ratio is currently 112.46%.

Wall Street Analyst Weigh In

PSA has been the subject of several research reports. Wells Fargo & Company increased their price objective on Public Storage from $320.00 to $375.00 and gave the company an “overweight” rating in a report on Monday. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a report on Monday, August 5th. Evercore ISI lowered their price objective on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Barclays increased their target price on shares of Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Finally, Royal Bank of Canada initiated coverage on shares of Public Storage in a research report on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and an average target price of $340.93.

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.