Benjamin F. Edwards & Company Inc. Has $2.37 Million Position in Public Storage (NYSE:PSA)

Benjamin F. Edwards & Company Inc. grew its stake in Public Storage (NYSE:PSA) by 10.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,248 shares of the real estate investment trust’s stock after purchasing an additional 758 shares during the period. Benjamin F. Edwards & Company Inc.’s holdings in Public Storage were worth $2,372,000 as of its most recent filing with the Securities and Exchange Commission.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PSA shares. Evercore ISI lifted their target price on shares of Public Storage from $334.00 to $343.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Royal Bank of Canada started coverage on shares of Public Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 target price on the stock. 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 research report on Thursday, August 22nd. Finally, Truist Financial downgraded 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 report on Thursday, August 1st. One analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $339.08.

Public Storage Stock Performance

NYSE:PSA opened at $361.72 on Friday. The company has a fifty day moving average of $326.92 and a 200-day moving average of $295.74. The firm has a market capitalization of $63.56 billion, a P/E ratio of 32.85, a P/E/G 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 has a twelve month low of $233.18 and a twelve month high of $366.29.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing the consensus estimate of $4.20 by ($1.54). The company had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business’s revenue was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.28 EPS. As a group, sell-side analysts anticipate that Public Storage will post 16.73 EPS for the current year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a $3.00 dividend. The ex-dividend date is Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.32%. Public Storage’s dividend payout ratio is currently 108.99%.

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.