Public Storage (NYSE:PSA) Position Increased by GAMMA Investing LLC

GAMMA Investing LLC boosted its holdings in Public Storage (NYSE:PSA) by 38.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,532 shares of the real estate investment trust’s stock after buying an additional 425 shares during the quarter. GAMMA Investing LLC’s holdings in Public Storage were worth $557,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of PSA. Global Assets Advisory LLC acquired a new stake in shares of Public Storage during the first quarter worth $7,319,000. Centersquare Investment Management LLC increased its stake in Public Storage by 17.2% in the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after purchasing an additional 173,975 shares in the last quarter. Scarborough Advisors LLC purchased a new position in Public Storage in the 4th quarter worth about $4,701,000. Manning & Napier Advisors LLC acquired a new stake in Public Storage during the 2nd quarter worth about $14,301,000. Finally, PGGM Investments lifted its stake in Public Storage by 8.0% during the second quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock valued at $48,162,000 after buying an additional 12,396 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PSA shares. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Evercore ISI boosted their target price on shares of Public Storage from $334.00 to $343.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Scotiabank raised their target price on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Royal Bank of Canada assumed coverage on Public Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price target on the stock. Finally, Jefferies Financial Group increased their price objective on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. One analyst has rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $337.36.

Public Storage Trading Up 0.4 %

Shares of NYSE PSA opened at $347.94 on Wednesday. The business has a 50 day simple moving average of $338.93 and a 200 day simple moving average of $301.44. Public Storage has a 52 week low of $233.18 and a 52 week high of $369.99. The stock has a market cap of $61.14 billion, a price-to-earnings ratio of 31.60, a PEG ratio of 5.01 and a beta of 0.68. 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 earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 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 the consensus estimate of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The business’s revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the firm earned $4.28 earnings per share. On average, research analysts predict that Public Storage will post 16.74 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $12.00 annualized dividend and a yield of 3.45%. Public Storage’s dividend payout ratio (DPR) is currently 108.99%.

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.