Krane Funds Advisors LLC Sells 997 Shares of Public Storage (NYSE:PSA)

Krane Funds Advisors LLC decreased its position in shares of Public Storage (NYSE:PSA) by 64.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 555 shares of the real estate investment trust’s stock after selling 997 shares during the quarter. Public Storage accounts for approximately 0.2% of Krane Funds Advisors LLC’s investment portfolio, making the stock its 27th largest position. Krane Funds Advisors LLC’s holdings in Public Storage were worth $202,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of PSA. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of Public Storage by 6.0% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,163 shares of the real estate investment trust’s stock worth $18,617,000 after buying an additional 2,890 shares during the last quarter. Ellsworth Advisors LLC raised its stake in Public Storage by 2.7% during the third quarter. Ellsworth Advisors LLC now owns 22,353 shares of the real estate investment trust’s stock worth $8,134,000 after acquiring an additional 591 shares in the last quarter. Secure Asset Management LLC bought a new position in shares of Public Storage in the third quarter worth about $212,000. Bleakley Financial Group LLC boosted its stake in shares of Public Storage by 6.0% in the 3rd quarter. Bleakley Financial Group LLC now owns 1,393 shares of the real estate investment trust’s stock valued at $507,000 after purchasing an additional 79 shares in the last quarter. Finally, SPC Financial Inc. grew its holdings in shares of Public Storage by 7.1% during the 3rd quarter. SPC Financial Inc. now owns 1,309 shares of the real estate investment trust’s stock valued at $476,000 after purchasing an additional 87 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PSA has been the subject of several research reports. Citigroup increased their price objective on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Scotiabank upped their price target on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Wells Fargo & Company increased their price target on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Finally, Jefferies Financial Group lifted their price objective on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and a consensus target price of $337.00.

Public Storage Trading Down 0.6 %

Shares of Public Storage stock opened at $345.52 on Friday. The stock has a market capitalization of $60.47 billion, a PE ratio of 32.38, a price-to-earnings-growth ratio of 4.84 and a beta of 0.68. Public Storage has a 52 week low of $233.18 and a 52 week high of $369.99. The stock has a 50 day moving average price of $345.15 and a two-hundred day moving average price of $304.65. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93.

Public Storage (NYSE:PSA) last posted 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). The business had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period in the previous year, the business posted $4.28 EPS. As a group, equities analysts anticipate that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a $3.00 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.47%. Public Storage’s dividend payout ratio is currently 112.46%.

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.