Geode Capital Management LLC Has $1.16 Billion Stock Position in Public Storage $PSA

Geode Capital Management LLC cut its holdings in shares of Public Storage (NYSE:PSA) by 3.5% in the 2nd quarter, Holdings Channel reports. The firm owned 3,960,748 shares of the real estate investment trust’s stock after selling 144,363 shares during the period. Geode Capital Management LLC’s holdings in Public Storage were worth $1,157,151,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Beck Bode LLC bought a new position in Public Storage in the second quarter valued at about $5,937,000. M&G PLC grew its holdings in shares of Public Storage by 11.1% during the 2nd quarter. M&G PLC now owns 729 shares of the real estate investment trust’s stock valued at $214,000 after purchasing an additional 73 shares during the last quarter. Forsta AP Fonden lifted its stake in Public Storage by 0.6% in the 2nd quarter. Forsta AP Fonden now owns 31,000 shares of the real estate investment trust’s stock valued at $9,096,000 after purchasing an additional 200 shares during the last quarter. Pembroke Management LTD bought a new position in Public Storage in the 2nd quarter valued at approximately $272,000. Finally, Laffer Tengler Investments Inc. acquired a new stake in Public Storage in the second quarter valued at approximately $236,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Trading Down 1.0%

Shares of PSA stock opened at $275.07 on Thursday. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $355.87. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.77 and a current ratio of 1.77. The stock has a 50 day simple moving average of $290.23 and a two-hundred day simple moving average of $292.13. The company has a market cap of $48.26 billion, a P/E ratio of 28.56, a PEG ratio of 4.72 and a beta of 0.91.

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.24 by $0.07. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.21 billion. Public Storage had a return on equity of 35.67% and a net margin of 39.53%.The company’s revenue for the quarter was down 5.4% compared to the same quarter last year. 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. Research analysts forecast that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend is Monday, December 15th. Public Storage’s payout ratio is 124.61%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PSA. Royal Bank Of Canada reduced their price objective on Public Storage from $309.00 to $307.00 and set a “sector perform” rating on the stock in a research report on Friday, October 31st. Scotiabank cut their price target on Public Storage from $340.00 to $333.00 and set a “sector outperform” rating on the stock in a research note on Thursday, August 28th. JPMorgan Chase & Co. lowered their price objective on Public Storage from $324.00 to $321.00 and set an “overweight” rating for the company in a research note on Friday, September 12th. Weiss Ratings reissued a “hold (c)” rating on shares of Public Storage in a report on Wednesday, October 8th. Finally, Evercore ISI reduced their price target on Public Storage from $317.00 to $315.00 and set an “in-line” rating on the stock in a research report on Monday, November 3rd. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $325.38.

About Public Storage

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.