Checchi Capital Advisers LLC Trims Stake in Public Storage $PSA

Checchi Capital Advisers LLC reduced its position in Public Storage (NYSE:PSA) by 1.9% in the 2nd quarter, Holdings Channel reports. The firm owned 3,090 shares of the real estate investment trust’s stock after selling 60 shares during the period. Checchi Capital Advisers LLC’s holdings in Public Storage were worth $907,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Yoder Wealth Management Inc. lifted its holdings in shares of Public Storage by 6.3% in the 2nd quarter. Yoder Wealth Management Inc. now owns 860 shares of the real estate investment trust’s stock valued at $252,000 after purchasing an additional 51 shares during the last quarter. 111 Capital boosted its stake in shares of Public Storage by 29.4% during the second quarter. 111 Capital now owns 1,042 shares of the real estate investment trust’s stock worth $306,000 after buying an additional 237 shares during the period. Impact Investors Inc acquired a new stake in shares of Public Storage during the second quarter worth about $213,000. QRG Capital Management Inc. boosted its stake in shares of Public Storage by 7.9% during the second quarter. QRG Capital Management Inc. now owns 24,118 shares of the real estate investment trust’s stock worth $7,077,000 after buying an additional 1,763 shares during the period. Finally, Segment Wealth Management LLC boosted its stake in shares of Public Storage by 6.8% during the second quarter. Segment Wealth Management LLC now owns 5,319 shares of the real estate investment trust’s stock worth $1,561,000 after buying an additional 340 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Performance

Shares of PSA opened at $293.74 on Monday. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 2.04. Public Storage has a 52-week low of $256.60 and a 52-week high of $355.87. The company has a 50-day simple moving average of $286.68 and a 200-day simple moving average of $291.43. The company has a market capitalization of $51.54 billion, a PE ratio of 32.03, a P/E/G ratio of 4.87 and a beta of 0.89.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, topping analysts’ consensus estimates of $4.23 by $0.05. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the previous year, the firm earned $4.23 earnings per share. The firm’s revenue was up 2.4% on a year-over-year basis. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Equities research analysts predict that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Monday, September 15th. Public Storage’s dividend payout ratio (DPR) is presently 130.86%.

Analyst Ratings Changes

PSA has been the subject of several recent research reports. Scotiabank decreased their target price on shares of Public Storage from $340.00 to $333.00 and set a “sector outperform” rating for the company in a research note on Thursday, August 28th. Barclays decreased their target price on shares of Public Storage from $351.00 to $349.00 and set an “overweight” rating for the company in a research note on Friday, August 8th. Evercore ISI increased their target price on shares of Public Storage from $312.00 to $317.00 and gave the stock a “cautious” rating in a research note on Friday. BNP Paribas Exane initiated coverage on shares of Public Storage in a research note on Tuesday, June 24th. They set an “outperform” rating and a $331.00 target price for the company. Finally, Royal Bank Of Canada decreased their target price on shares of Public Storage from $328.00 to $309.00 and set a “sector perform” rating for the company in a research note on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $322.92.

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.