Public Storage (NYSE:PSA) Shares Bought by SPC Financial Inc.

SPC Financial Inc. grew its stake in Public Storage (NYSE:PSA) by 14.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,222 shares of the real estate investment trust’s stock after buying an additional 150 shares during the period. SPC Financial Inc.’s holdings in Public Storage were worth $352,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company lifted its position in Public Storage by 4.2% during the fourth quarter. The Manufacturers Life Insurance Company now owns 129,091 shares of the real estate investment trust’s stock valued at $39,373,000 after purchasing an additional 5,239 shares during the period. Global Assets Advisory LLC acquired a new stake in Public Storage during the first quarter valued at $7,319,000. Centersquare Investment Management LLC raised its position in shares of Public Storage by 17.2% in the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after acquiring an additional 173,975 shares during the period. Scarborough Advisors LLC purchased a new stake in shares of Public Storage during the 4th quarter worth about $4,701,000. Finally, KBC Group NV grew its position in shares of Public Storage by 47.4% during the 4th quarter. KBC Group NV now owns 60,928 shares of the real estate investment trust’s stock valued at $18,583,000 after acquiring an additional 19,598 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Trading Down 1.0 %

PSA opened at $360.06 on Wednesday. The firm has a market capitalization of $63.02 billion, a price-to-earnings ratio of 32.70, a price-to-earnings-growth ratio of 5.02 and a beta of 0.67. The company’s 50 day simple moving average is $334.80 and its two-hundred day simple moving average is $299.46. Public Storage has a 1-year low of $233.18 and a 1-year high of $369.99. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93.

Public Storage (NYSE:PSA) last announced its quarterly earnings data 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 company 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 business’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.28 EPS. Analysts expect that Public Storage will post 16.75 EPS for the current fiscal year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date of this dividend was Friday, September 13th. Public Storage’s dividend payout ratio is currently 108.99%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Citigroup upped their price target on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Evercore ISI upped their target price on Public Storage from $334.00 to $343.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Jefferies Financial Group boosted their price target on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Royal Bank of Canada began coverage on shares of Public Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price objective on the stock. Finally, Scotiabank boosted 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 note on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, six have assigned 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 stock currently has a consensus rating of “Moderate Buy” and an average target price of $339.08.

Public Storage Company 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.