Brighton Jones LLC Sells 179 Shares of Public Storage (NYSE:PSA)

Brighton Jones LLC cut its position in Public Storage (NYSE:PSA) by 8.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,900 shares of the real estate investment trust’s stock after selling 179 shares during the quarter. Brighton Jones LLC’s holdings in Public Storage were worth $691,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PSA. OFI Invest Asset Management bought a new position in shares of Public Storage in the second quarter valued at $32,000. Opal Wealth Advisors LLC bought a new position in Public Storage during the second quarter worth $36,000. Crewe Advisors LLC bought a new position in Public Storage during the first quarter worth $39,000. EdgeRock Capital LLC bought a new position in Public Storage during the second quarter worth $39,000. Finally, LRI Investments LLC bought a new position in Public Storage during the first quarter worth $40,000. 78.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on PSA shares. Bank of America cut shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a research report on Monday, August 5th. Jefferies Financial Group lifted their price objective on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Wells Fargo & Company lifted their price objective on shares of Public Storage from $320.00 to $375.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. Finally, Scotiabank lifted their price objective on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $340.93.

Public Storage Stock Down 0.6 %

PSA stock opened at $336.32 on Friday. The company has a market cap of $58.86 billion, a PE ratio of 31.52, a price-to-earnings-growth ratio of 4.72 and a beta of 0.68. The business has a 50-day simple moving average of $347.24 and a 200 day simple moving average of $306.57. Public Storage has a 52 week low of $233.18 and a 52 week high of $369.99. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72.

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The company had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period last year, the firm earned $4.28 EPS. Sell-side analysts anticipate that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business also recently declared 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 3.57%. The ex-dividend date was Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is presently 112.46%.

Public Storage 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.