Public Storage (NYSE:PSA) Shares Bought by Blue Trust Inc.

Blue Trust Inc. lifted its position in shares of Public Storage (NYSE:PSA) by 81.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,580 shares of the real estate investment trust’s stock after buying an additional 710 shares during the quarter. Blue Trust Inc.’s holdings in Public Storage were worth $575,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in PSA. Park Avenue Securities LLC lifted its holdings in shares of Public Storage by 6.1% in the first quarter. Park Avenue Securities LLC now owns 3,193 shares of the real estate investment trust’s stock valued at $926,000 after purchasing an additional 184 shares in the last quarter. Global Assets Advisory LLC acquired a new stake in Public Storage during the 1st quarter valued at $7,319,000. Riverview Trust Co purchased a new position in Public Storage during the first quarter worth $37,000. Mechanics Bank Trust Department raised its holdings in shares of Public Storage by 9.8% in the first quarter. Mechanics Bank Trust Department now owns 1,502 shares of the real estate investment trust’s stock worth $436,000 after acquiring an additional 134 shares during the last quarter. Finally, Fermata Advisors LLC purchased a new stake in shares of Public Storage in the first quarter valued at $235,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Citigroup boosted their target price 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. Morgan Stanley upped their price objective on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price for the company. in a research note on Thursday, August 1st. Barclays raised their price objective on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Finally, Wells Fargo & Company upped their target price on Public Storage from $320.00 to $375.00 and gave the company an “overweight” rating in a research note on Monday. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and a consensus target price of $340.93.

Public Storage Price Performance

PSA opened at $331.85 on Tuesday. Public Storage has a 52-week low of $233.18 and a 52-week high of $369.99. The company has a 50 day moving average of $346.07 and a two-hundred day moving average of $305.74. The company has a market cap of $58.08 billion, a P/E ratio of 31.10, a P/E/G ratio of 4.87 and a beta of 0.68. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72.

Public Storage (NYSE:PSA) last announced 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 company 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 firm’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.28 earnings per share. On average, analysts expect that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date of this dividend was Friday, September 13th. Public Storage’s dividend payout ratio is presently 112.46%.

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.