Pacer Advisors Inc. Sells 6,954 Shares of Public Storage (NYSE:PSA)

Pacer Advisors Inc. trimmed its stake in Public Storage (NYSE:PSA) by 7.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 80,900 shares of the real estate investment trust’s stock after selling 6,954 shares during the quarter. Pacer Advisors Inc.’s holdings in Public Storage were worth $24,213,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Ameriflex Group Inc. bought a new position in shares of Public Storage during the fourth quarter valued at $30,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Public Storage during the fourth quarter valued at $32,000. Opal Wealth Advisors LLC bought a new position in shares of Public Storage during the first quarter valued at $36,000. Parvin Asset Management LLC bought a new position in shares of Public Storage during the fourth quarter valued at $38,000. Finally, Wayfinding Financial LLC bought a new position in shares of Public Storage during the first quarter valued at $41,000. 78.79% of the stock is owned by institutional investors.

Public Storage Stock Performance

Shares of PSA opened at $287.70 on Friday. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 1.77. The business has a 50-day simple moving average of $295.05 and a two-hundred day simple moving average of $296.05. The stock has a market cap of $50.47 billion, a price-to-earnings ratio of 28.57, a PEG ratio of 4.19 and a beta of 0.86. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, topping analysts’ consensus estimates of $4.06 by $0.06. Public Storage had a return on equity of 36.50% and a net margin of 41.74%. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the prior year, the business posted $4.03 earnings per share. The business’s quarterly revenue was up .1% on a year-over-year basis. On average, analysts expect that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Thursday, June 12th were given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.17%. The ex-dividend date was Thursday, June 12th. Public Storage’s dividend payout ratio is currently 119.17%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PSA. Scotiabank upped their price target on Public Storage from $305.00 to $340.00 and gave the company a “sector outperform” rating in a report on Monday, May 12th. BNP Paribas Exane began coverage on Public Storage in a report on Tuesday, June 24th. They issued an “outperform” rating and a $331.00 target price on the stock. Evercore ISI increased their target price on Public Storage from $297.00 to $309.00 and gave the company an “in-line” rating in a report on Friday, May 2nd. BNP Paribas raised Public Storage to a “strong-buy” rating in a report on Tuesday, June 24th. Finally, Bank of America increased their target price on Public Storage from $368.00 to $380.00 and gave the company a “buy” rating in a report on Tuesday, May 13th. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $336.93.

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.