National Bank of Canada FI Acquires 43,102 Shares of Public Storage (NYSE:PSA)

National Bank of Canada FI lifted its holdings in shares of Public Storage (NYSE:PSA) by 122.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 78,188 shares of the real estate investment trust’s stock after acquiring an additional 43,102 shares during the period. National Bank of Canada FI’s holdings in Public Storage were worth $22,137,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in PSA. EverSource Wealth Advisors LLC increased its position in shares of Public Storage by 107.3% during the fourth 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 in the last quarter. Core Wealth Advisors Inc. bought a new stake in shares of Public Storage during the fourth quarter worth about $30,000. OFI Invest Asset Management bought a new stake in shares of Public Storage during the second quarter worth about $32,000. Opal Wealth Advisors LLC bought a new stake in shares of Public Storage during the second quarter worth about $36,000. Finally, ICA Group Wealth Management LLC bought a new stake in shares of Public Storage during the fourth quarter worth about $37,000. 78.79% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $274.29, for a total value of $109,716.00. Following the sale, the insider now directly owns 3,214 shares in the company, valued at approximately $881,568.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 11.00% of the company’s stock.

Public Storage Stock Performance

Shares of PSA stock opened at $345.63 on Friday. The stock has a market capitalization of $60.49 billion, a P/E ratio of 31.39, a PEG ratio of 5.69 and a beta of 0.67. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. The firm’s 50 day moving average is $313.10 and its 200 day moving average is $290.38. Public Storage has a 12 month low of $233.18 and a 12 month high of $347.77.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS 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 analysts’ expectations of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.28 earnings per share. On average, sell-side analysts anticipate that Public Storage will post 16.72 earnings per share for the current year.

Public Storage Dividend Announcement

The company also recently announced 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 3.47%. The ex-dividend date is Friday, September 13th. Public Storage’s dividend payout ratio is presently 108.99%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research report on Wednesday. Barclays upped their price objective on shares of Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Scotiabank upped their price objective on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a research report on Monday, August 5th. Finally, Citigroup upped their price objective 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 research analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and an average price target of $323.77.

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.