Thoroughbred Financial Services LLC Lowers Stock Position in Public Storage $PSA

Thoroughbred Financial Services LLC lessened its stake in Public Storage (NYSE:PSA) by 48.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,259 shares of the real estate investment trust’s stock after selling 3,030 shares during the period. Thoroughbred Financial Services LLC’s holdings in Public Storage were worth $956,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Marshall & Sullivan Inc. WA purchased a new stake in Public Storage during the second quarter valued at about $25,000. Harbor Asset Planning Inc. bought a new stake in shares of Public Storage in the 2nd quarter valued at about $25,000. Spectrum Wealth Counsel LLC purchased a new stake in Public Storage during the 1st quarter valued at about $30,000. NewSquare Capital LLC grew its position in Public Storage by 60.6% during the 2nd quarter. NewSquare Capital LLC now owns 106 shares of the real estate investment trust’s stock worth $31,000 after acquiring an additional 40 shares during the last quarter. Finally, Winch Advisory Services LLC increased its stake in Public Storage by 39.8% in the 1st quarter. Winch Advisory Services LLC now owns 151 shares of the real estate investment trust’s stock worth $45,000 after purchasing an additional 43 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. JPMorgan Chase & Co. cut their target price on Public Storage from $324.00 to $321.00 and set an “overweight” rating on the stock in a research note on Friday, September 12th. Evercore ISI reduced their target price on Public Storage from $317.00 to $315.00 and set an “in-line” rating on the stock in a research note on Monday, November 3rd. Wells Fargo & Company raised their price target on Public Storage from $320.00 to $330.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. Royal Bank Of Canada cut their price target on shares of Public Storage from $309.00 to $307.00 and set a “sector perform” rating on the stock in a report on Friday, October 31st. Finally, Barclays reduced their price objective on shares of Public Storage from $351.00 to $349.00 and set an “overweight” rating on the stock in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $325.38.

Public Storage Stock Down 0.1%

Shares of Public Storage stock opened at $273.89 on Monday. Public Storage has a 52-week low of $256.60 and a 52-week high of $355.87. The stock has a market capitalization of $48.06 billion, a PE ratio of 28.58, a price-to-earnings-growth ratio of 4.72 and a beta of 0.91. The company has a 50-day simple moving average of $289.39 and a two-hundred day simple moving average of $291.81. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.77 and a current ratio of 1.77.

Public Storage (NYSE:PSA) last announced its quarterly earnings data on Wednesday, October 29th. The real estate investment trust reported $4.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.24 by $0.07. Public Storage had a return on equity of 35.67% and a net margin of 39.53%.The company’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.20 earnings per share. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. On average, analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The company 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 dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Monday, December 15th. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

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.