Wealthspire Advisors LLC Grows Stock Position in Public Storage (NYSE:PSA)

Wealthspire Advisors LLC raised its holdings in shares of Public Storage (NYSE:PSA) by 24.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,116 shares of the real estate investment trust’s stock after acquiring an additional 220 shares during the quarter. Wealthspire Advisors LLC’s holdings in Public Storage were worth $321,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its stake in shares of Public Storage by 107.3% during 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. acquired a new stake in Public Storage during the 4th quarter valued at $30,000. OFI Invest Asset Management purchased a new position in Public Storage during the second quarter worth $32,000. Opal Wealth Advisors LLC acquired a new position in shares of Public Storage in the second quarter worth $36,000. Finally, ICA Group Wealth Management LLC purchased a new stake in shares of Public Storage in the fourth quarter valued at $37,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Performance

Public Storage stock opened at $362.96 on Tuesday. Public Storage has a 12-month low of $233.18 and a 12-month high of $364.61. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. The company has a market capitalization of $63.78 billion, a price-to-earnings ratio of 32.97, a price-to-earnings-growth ratio of 5.06 and a beta of 0.67. The firm’s fifty day moving average price is $321.65 and its 200 day moving average price is $293.66.

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 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 return on equity of 36.55% and a net margin of 44.88%. The firm’s revenue was down 1.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.28 earnings per share. On average, research analysts forecast that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors 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 dividend yield of 3.31%. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PSA. Royal Bank of Canada began coverage on shares of Public Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 target price for the company. Evercore ISI upped their price target on Public Storage from $334.00 to $343.00 and gave the stock an “in-line” rating in a research note on Monday. Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price for the company. in a report on Monday, August 5th. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a report on Thursday, August 1st. Finally, Barclays boosted their price objective on shares of Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $325.85.

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.