ProShare Advisors LLC Purchases 1,762 Shares of Public Storage (NYSE:PSA)

ProShare Advisors LLC grew its holdings in Public Storage (NYSE:PSA) by 5.6% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 33,091 shares of the real estate investment trust’s stock after acquiring an additional 1,762 shares during the quarter. ProShare Advisors LLC’s holdings in Public Storage were worth $9,519,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. EverSource Wealth Advisors LLC raised its stake in Public Storage by 107.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 44 shares in the last quarter. Core Wealth Advisors Inc. bought a new position in shares of Public Storage during the fourth quarter worth approximately $30,000. OFI Invest Asset Management acquired a new stake in shares of Public Storage in the second quarter valued at approximately $32,000. Opal Wealth Advisors LLC bought a new stake in shares of Public Storage in the second quarter valued at approximately $36,000. Finally, ICA Group Wealth Management LLC bought a new stake in shares of Public Storage in the fourth quarter valued at approximately $37,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PSA. Barclays lifted their price objective on Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a research report on Thursday, August 1st. Royal Bank of Canada started coverage on shares of Public Storage in a report on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 target price on the stock. Jefferies Financial Group boosted their target price on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Finally, Citigroup increased their price target on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and an average target price of $339.08.

Public Storage Trading Down 0.8 %

PSA opened at $361.99 on Wednesday. Public Storage has a twelve month low of $233.18 and a twelve month high of $366.80. The company has a fifty day moving average of $329.30 and a 200-day moving average of $296.87. The stock has a market cap of $63.61 billion, a PE ratio of 32.88, a price-to-earnings-growth ratio of 5.12 and a beta of 0.67. 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 issued its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The business had revenue of $921.70 million for the quarter, compared to analyst estimates 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 quarter in the previous year, the business posted $4.28 earnings per share. On average, sell-side analysts predict that Public Storage will post 16.73 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.32%. The ex-dividend date is Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is presently 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.