Voya Investment Management LLC Reduces Stock Position in Public Storage $PSA

by · The Markets Daily

Voya Investment Management LLC cut its stake in Public Storage (NYSE:PSA – Free Report) by 18.0% in the third quarter, HoldingsChannel.com reports. The fund owned 26,756 shares of the real estate investment trust’s stock after selling 5,878 shares during the period. Voya Investment Management LLC’s holdings in Public Storage were worth $7,728,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in PSA. Compound Planning Inc. boosted its holdings in Public Storage by 11.7% in the first quarter. Compound Planning Inc. now owns 994 shares of the real estate investment trust’s stock worth $298,000 after purchasing an additional 104 shares during the last quarter. Jump Financial LLC purchased a new stake in Public Storage during the 1st quarter valued at $1,124,000. Synovus Financial Corp lifted its holdings in shares of Public Storage by 50.7% during the 1st quarter. Synovus Financial Corp now owns 5,798 shares of the real estate investment trust’s stock valued at $1,735,000 after buying an additional 1,951 shares during the period. Freedom Investment Management Inc. boosted its stake in shares of Public Storage by 37.1% in the 1st quarter. Freedom Investment Management Inc. now owns 1,294 shares of the real estate investment trust’s stock worth $387,000 after buying an additional 350 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Public Storage by 7.6% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 210,271 shares of the real estate investment trust’s stock worth $62,932,000 after buying an additional 14,786 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Down 0.8%

NYSE PSA opened at $259.38 on Wednesday. Public Storage has a 52 week low of $256.60 and a 52 week high of $322.49. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 1.99. The company has a market capitalization of $45.51 billion, a P/E ratio of 26.93, a price-to-earnings-growth ratio of 5.60 and a beta of 1.01. The stock’s 50-day moving average price is $278.76 and its 200-day moving average price is $285.60.

Public Storage (NYSE:PSA – Get Free Report) last released its earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.24 by $0.07. Public Storage had a net margin of 39.53% and a return on equity of 36.09%. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same period in the prior year, the firm posted $4.20 EPS. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. On average, equities research analysts predict 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. Stockholders of record on Monday, December 15th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.6%. The ex-dividend date is Monday, December 15th. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on PSA shares. Wall Street Zen raised Public Storage from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Evercore ISI reduced their price target on shares of Public Storage from $315.00 to $309.00 and set an “in-line” rating for the company in a research report on Monday, December 1st. Raymond James Financial lowered their price objective on shares of Public Storage from $350.00 to $330.00 and set a “strong-buy” rating on the stock in a research note on Tuesday, November 18th. JPMorgan Chase & Co. restated a “neutral” rating and set a $301.00 target price (down from $316.00) on shares of Public Storage in a research report on Thursday, December 18th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Public Storage in a report on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $319.87.

Get Our Latest Stock Report on PSA

Public Storage Company Profile

(Free Report)

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.

See Also

Want to see what other hedge funds are holding PSA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Storage (NYSE:PSA – Free Report).