Hazelview Securities Inc. Cuts Position in Public Storage $PSA

Hazelview Securities Inc. trimmed its holdings in shares of Public Storage (NYSE:PSA) by 42.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 72,992 shares of the real estate investment trust’s stock after selling 54,340 shares during the period. Public Storage comprises 3.8% of Hazelview Securities Inc.’s investment portfolio, making the stock its 14th largest position. Hazelview Securities Inc.’s holdings in Public Storage were worth $21,228,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Norges Bank acquired a new position in shares of Public Storage during the 2nd quarter valued at $1,153,971,000. AQR Capital Management LLC increased its holdings in Public Storage by 498.7% in the 2nd quarter. AQR Capital Management LLC now owns 578,491 shares of the real estate investment trust’s stock valued at $166,970,000 after purchasing an additional 481,872 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Public Storage by 68.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,164,992 shares of the real estate investment trust’s stock valued at $348,670,000 after purchasing an additional 475,342 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Public Storage during the second quarter worth about $94,297,000. Finally, 1832 Asset Management L.P. boosted its position in shares of Public Storage by 375.7% in the second quarter. 1832 Asset Management L.P. now owns 389,169 shares of the real estate investment trust’s stock worth $114,190,000 after buying an additional 307,357 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Up 0.4%

Shares of Public Storage stock opened at $274.88 on Friday. The stock has a market capitalization of $48.23 billion, a price-to-earnings ratio of 28.54, a PEG ratio of 5.86 and a beta of 1.01. Public Storage has a twelve month low of $256.60 and a twelve month high of $322.49. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 1.99. The business’s 50 day simple moving average is $283.14 and its 200-day simple moving average is $287.79.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Wednesday, October 29th. The real estate investment trust reported $4.31 EPS for the quarter, topping analysts’ consensus estimates of $4.24 by $0.07. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.21 billion. Public Storage had a return on equity of 36.09% and a net margin of 39.53%.The firm’s revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the business earned $4.20 EPS. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. Equities research analysts forecast that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be given a $3.00 dividend. The ex-dividend date is Monday, December 15th. This represents a $12.00 annualized dividend and a yield of 4.4%. Public Storage’s dividend payout ratio (DPR) is currently 124.61%.

Analyst Ratings Changes

Several brokerages recently commented on PSA. UBS Group dropped their target price on Public Storage from $295.00 to $293.00 and set a “neutral” rating on the stock in a report on Tuesday, November 18th. Raymond James Financial reduced their price target on Public Storage from $350.00 to $330.00 and set a “strong-buy” rating for the company in a report on Tuesday, November 18th. Mizuho lowered their price objective on Public Storage from $310.00 to $285.00 and set a “neutral” rating for the company in a research note on Friday, December 5th. Morgan Stanley began coverage on Public Storage in a research report on Friday, December 5th. They issued an “equal weight” rating and a $290.00 target price on the stock. Finally, Scotiabank decreased their price target on shares of Public Storage from $340.00 to $333.00 and set a “sector outperform” rating for the company in a research report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $320.87.

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.