Harbour Investments Inc. Buys 79 Shares of Public Storage (NYSE:PSA)

Harbour Investments Inc. lifted its stake in shares of Public Storage (NYSE:PSA) by 4.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,982 shares of the real estate investment trust’s stock after purchasing an additional 79 shares during the quarter. Harbour Investments Inc.’s holdings in Public Storage were worth $570,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. EverSource Wealth Advisors LLC increased 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 acquiring an additional 44 shares during the last quarter. Core Wealth Advisors Inc. bought a new position in shares of Public Storage during the 4th quarter valued at about $30,000. EdgeRock Capital LLC bought a new position in shares of Public Storage during the 4th quarter valued at about $32,000. OFI Invest Asset Management bought a new position in shares of Public Storage during the 2nd quarter valued at about $32,000. Finally, Opal Wealth Advisors LLC bought a new position in shares of Public Storage during the 2nd quarter valued at about $36,000. 78.79% of the stock is currently owned by institutional investors.

Insider Transactions at Public Storage

In related news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the transaction, the insider now owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 11.00% of the company’s stock.

Public Storage Stock Down 0.5 %

Shares of NYSE:PSA opened at $340.77 on Thursday. Public Storage has a 52-week low of $233.18 and a 52-week high of $343.47. The firm has a market capitalization of $59.88 billion, a P/E ratio of 30.95, a P/E/G ratio of 5.28 and a beta of 0.65. The stock has a 50 day moving average price of $304.63 and a 200-day moving average price of $287.04. 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 announced its 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). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The firm had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the prior year, the company posted $4.28 EPS. The firm’s revenue was down 1.0% on a year-over-year basis. As a group, equities research analysts anticipate that Public Storage will post 16.74 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.52%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s dividend payout ratio is currently 108.99%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Truist Financial lowered Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a research report on Thursday, August 1st. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a research report on Monday, August 5th. Wells Fargo & Company increased their price objective on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Scotiabank increased their target price on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. Finally, Barclays increased their target price on Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $319.25.

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.