Northwestern Mutual Wealth Management Co. Purchases 7,090 Shares of Public Storage (NYSE:PSA)

Northwestern Mutual Wealth Management Co. grew its position in Public Storage (NYSE:PSA) by 61.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,584 shares of the real estate investment trust’s stock after purchasing an additional 7,090 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Public Storage were worth $5,346,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of PSA. Core Wealth Advisors Inc. acquired a new stake in shares of Public Storage in the fourth quarter valued at about $30,000. OFI Invest Asset Management acquired a new stake in shares of Public Storage in the second quarter valued at about $32,000. Opal Wealth Advisors LLC acquired a new stake in shares of Public Storage in the second quarter valued at about $36,000. Riverview Trust Co acquired a new stake in shares of Public Storage in the first quarter valued at about $37,000. Finally, Crewe Advisors LLC acquired a new stake in shares of Public Storage in the first quarter valued at about $39,000. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Wolfe Research raised Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Scotiabank boosted their price target on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Jefferies Financial Group boosted their price target on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Wells Fargo & Company boosted their price target on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $337.36.

Public Storage Trading Down 1.3 %

Shares of PSA stock opened at $355.30 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 stock has a market cap of $62.18 billion, a P/E ratio of 32.27, a price-to-earnings-growth ratio of 5.02 and a beta of 0.67. The stock has a 50 day simple moving average of $335.99 and a 200 day simple moving average of $299.85. Public Storage has a 1 year low of $233.18 and a 1 year high of $369.99.

Public Storage (NYSE:PSA) last issued its quarterly 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). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The company had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the firm posted $4.28 earnings per share. The company’s quarterly revenue was down 1.0% on a year-over-year basis. On average, research analysts predict that Public Storage will post 16.75 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.38%. Public Storage’s dividend payout ratio (DPR) is presently 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.