BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Boosts Stock Holdings in Public Storage (NYSE:PSA)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in Public Storage (NYSE:PSA) by 60.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 30,283 shares of the real estate investment trust’s stock after purchasing an additional 11,389 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Public Storage were worth $8,711,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Gryphon Financial Partners LLC raised its holdings in shares of Public Storage by 2.5% during the 4th quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock worth $476,000 after acquiring an additional 38 shares during the period. EverSource Wealth Advisors LLC raised its stake in 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 purchasing an additional 44 shares during the period. Cambridge Investment Research Advisors Inc. boosted its holdings in Public Storage by 14.7% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 17,708 shares of the real estate investment trust’s stock valued at $5,401,000 after purchasing an additional 2,272 shares during the last quarter. Orion Portfolio Solutions LLC lifted its holdings in Public Storage by 51.0% in the fourth quarter. Orion Portfolio Solutions LLC now owns 7,106 shares of the real estate investment trust’s stock valued at $2,133,000 after acquiring an additional 2,401 shares during the last quarter. Finally, Stifel Financial Corp increased its holdings in Public Storage by 9.4% in the 4th quarter. Stifel Financial Corp now owns 61,847 shares of the real estate investment trust’s stock valued at $18,868,000 after purchasing an additional 5,299 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on PSA. Truist Financial lowered Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price for the company. in a report on Thursday, August 1st. Wells Fargo & Company lifted their price objective on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Barclays upped their target price 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. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Finally, Bank of America cut 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. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $339.08.

Public Storage Price Performance

PSA stock opened at $359.58 on Thursday. 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 company has a market cap of $63.19 billion, a price-to-earnings ratio of 32.66, a PEG ratio of 5.14 and a beta of 0.67. Public Storage has a 12-month low of $233.18 and a 12-month high of $366.80. The firm has a 50 day moving average of $329.30 and a 200-day moving average of $296.87.

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 analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The firm had revenue of $921.70 million during the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter last year, the company posted $4.28 earnings per share. Public Storage’s revenue for the quarter was down 1.0% on a year-over-year basis. As a group, equities analysts expect that Public Storage will post 16.75 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business 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 dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date is Friday, September 13th. Public Storage’s dividend payout ratio is presently 108.99%.

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.