Balyasny Asset Management L.P. Sells 19,978 Shares of Public Storage (NYSE:PSA)

Balyasny Asset Management L.P. trimmed its position in shares of Public Storage (NYSE:PSA) by 47.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,906 shares of the real estate investment trust’s stock after selling 19,978 shares during the quarter. Balyasny Asset Management L.P.’s holdings in Public Storage were worth $6,560,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of PSA. Quent Capital LLC boosted its position in Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 50 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in shares of Public Storage in the fourth quarter worth approximately $32,000. Synergy Asset Management LLC bought a new stake in Public Storage during the fourth quarter valued at approximately $38,000. Millstone Evans Group LLC purchased a new stake in Public Storage during the fourth quarter valued at approximately $38,000. Finally, Parvin Asset Management LLC bought a new position in Public Storage in the fourth quarter worth approximately $38,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Price Performance

Shares of NYSE:PSA opened at $303.93 on Friday. The firm has a market cap of $53.31 billion, a price-to-earnings ratio of 31.56, a P/E/G ratio of 4.91 and a beta of 0.91. The firm has a fifty day moving average price of $294.18 and a 200 day moving average price of $306.90. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, beating the consensus estimate of $4.06 by $0.06. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the prior year, the firm earned $4.03 EPS. The business’s revenue was up .1% on a year-over-year basis. As a group, sell-side analysts expect that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.95%. The ex-dividend date of this dividend is Thursday, June 12th. Public Storage’s payout ratio is 119.17%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on PSA shares. Barclays restated an “overweight” rating and issued a $354.00 price objective (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Bank of America upgraded Public Storage from a “neutral” rating to a “buy” rating and upped their price target for the stock from $349.00 to $368.00 in a research report on Tuesday, April 22nd. Scotiabank raised Public Storage from a “sector perform” rating to a “sector outperform” rating and lowered their price objective for the company from $333.00 to $305.00 in a research report on Wednesday, April 9th. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and increased their target price for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Truist Financial raised shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price target on the stock in a report on Thursday, April 10th. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and a consensus price target of $333.75.

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.