Linscomb Wealth Inc. Sells 96 Shares of Public Storage (NYSE:PSA)

Linscomb Wealth Inc. lowered its stake in shares of Public Storage (NYSE:PSA) by 4.3% during the second quarter, HoldingsChannel reports. The fund owned 2,115 shares of the real estate investment trust’s stock after selling 96 shares during the quarter. Linscomb Wealth Inc.’s holdings in Public Storage were worth $608,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. increased its position in Public Storage by 1.0% during the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after acquiring an additional 217,487 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Public Storage by 4.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after buying an additional 219,391 shares during the period. Norges Bank bought a new stake in Public Storage in the 4th quarter valued at $821,151,000. APG Asset Management US Inc. increased its holdings in Public Storage by 4.7% in the 4th quarter. APG Asset Management US Inc. now owns 2,074,617 shares of the real estate investment trust’s stock valued at $632,758,000 after buying an additional 93,122 shares during the period. Finally, Centersquare Investment Management LLC increased its holdings in Public Storage by 17.2% in the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock valued at $343,573,000 after buying an additional 173,975 shares during the period. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Up 0.0 %

Shares of NYSE PSA opened at $359.23 on Thursday. The firm’s 50-day simple moving average is $317.38 and its 200 day simple moving average is $291.90. The company has a market cap of $62.87 billion, a price-to-earnings ratio of 32.63, a price-to-earnings-growth ratio of 5.72 and a beta of 0.67. 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 has a 12-month low of $233.18 and a 12-month high of $361.23.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The company had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter last year, the company earned $4.28 EPS. The firm’s quarterly revenue was down 1.0% on a year-over-year basis. On average, research analysts expect that Public Storage will post 16.72 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a dividend of $3.00 per share. The ex-dividend date is Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.34%. Public Storage’s payout ratio is presently 108.99%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on PSA shares. Scotiabank boosted their price target on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. Citigroup boosted their price target on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a report on Thursday, August 1st. Barclays boosted their target price on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Finally, Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and an average price target of $326.21.

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.