TIAA Trust National Association Acquires 87 Shares of Public Storage (NYSE:PSA)

TIAA Trust National Association lifted its holdings in Public Storage (NYSE:PSA) by 11.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 826 shares of the real estate investment trust’s stock after buying an additional 87 shares during the quarter. TIAA Trust National Association’s holdings in Public Storage were worth $238,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in PSA. EverSource Wealth Advisors LLC raised its stake in shares of Public Storage by 107.3% in 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 during the last quarter. Core Wealth Advisors Inc. bought a new position in Public Storage in the 4th quarter worth approximately $30,000. OFI Invest Asset Management acquired a new position in Public Storage during the 2nd quarter worth $32,000. ICA Group Wealth Management LLC bought a new position in Public Storage in the 4th quarter valued at $37,000. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of Public Storage in the 2nd quarter valued at $36,000. 78.79% of the stock is owned by institutional investors.

Insider Activity

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

Public Storage Trading Up 1.3 %

NYSE PSA opened at $345.63 on Friday. The firm has a market capitalization of $60.49 billion, a PE ratio of 31.39, a price-to-earnings-growth ratio of 5.69 and a beta of 0.67. The business’s 50-day moving average price is $313.10 and its two-hundred day moving average price is $290.38. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. Public Storage has a 12 month low of $233.18 and a 12 month high of $347.77.

Public Storage (NYSE:PSA) last released 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). The firm 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%. Public Storage’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.28 EPS. On average, analysts expect that Public Storage will post 16.72 EPS for the current year.

Public Storage Announces Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.47%. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Wells Fargo & Company raised their price target on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a research note on Thursday, August 1st. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research note on Wednesday. Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a report on Monday, August 5th. Finally, Scotiabank lifted their target price on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” 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, six have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $323.77.

About Public Storage

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.