Laurion Capital Management LP Lowers Stake in Public Storage (NYSE:PSA)

Laurion Capital Management LP lowered its stake in shares of Public Storage (NYSE:PSA) by 96.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 874 shares of the real estate investment trust’s stock after selling 25,028 shares during the quarter. Laurion Capital Management LP’s holdings in Public Storage were worth $262,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in PSA. Barclays PLC raised its position in shares of Public Storage by 2.9% during the 3rd quarter. Barclays PLC now owns 465,653 shares of the real estate investment trust’s stock valued at $169,433,000 after buying an additional 13,065 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Public Storage by 1.9% during the 3rd quarter. Principal Financial Group Inc. now owns 214,382 shares of the real estate investment trust’s stock valued at $78,007,000 after buying an additional 3,973 shares in the last quarter. Harbor Capital Advisors Inc. raised its position in shares of Public Storage by 70.0% during the 4th quarter. Harbor Capital Advisors Inc. now owns 255 shares of the real estate investment trust’s stock valued at $76,000 after buying an additional 105 shares in the last quarter. Graypoint LLC raised its position in Public Storage by 7.5% in the 4th quarter. Graypoint LLC now owns 747 shares of the real estate investment trust’s stock worth $224,000 after purchasing an additional 52 shares during the period. Finally, Czech National Bank raised its position in Public Storage by 6.5% in the 4th quarter. Czech National Bank now owns 34,170 shares of the real estate investment trust’s stock worth $10,232,000 after purchasing an additional 2,083 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PSA shares. Scotiabank upgraded shares of Public Storage from a “sector perform” rating to a “sector outperform” rating and decreased their target price for the stock from $333.00 to $305.00 in a research report on Wednesday, April 9th. Barclays reiterated an “overweight” rating and issued a $354.00 target price (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Bank of America upgraded shares of Public Storage from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $349.00 to $368.00 in a research report on Tuesday, April 22nd. Wells Fargo & Company decreased their target price on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Finally, Mizuho started coverage on shares of Public Storage in a research report on Wednesday, April 9th. They issued a “neutral” rating and a $287.00 target price on the stock. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $333.75.

Public Storage Price Performance

Shares of Public Storage stock opened at $303.93 on Monday. The firm has a market cap of $53.32 billion, a PE ratio of 31.56, a price-to-earnings-growth ratio of 4.91 and a beta of 0.91. Public Storage has a 12-month low of $256.60 and a 12-month high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The company’s fifty day simple moving average is $294.18 and its two-hundred day simple moving average is $306.45.

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

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be issued 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 dividend payout ratio (DPR) is presently 119.17%.

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.