Secure Asset Management LLC Invests $212,000 in Public Storage (NYSE:PSA)

Secure Asset Management LLC bought a new stake in shares of Public Storage (NYSE:PSA) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 582 shares of the real estate investment trust’s stock, valued at approximately $212,000.

Several other hedge funds have also bought and sold shares of PSA. Global Assets Advisory LLC purchased a new position in Public Storage during the first quarter valued at $7,319,000. Centersquare Investment Management LLC raised its holdings in Public Storage by 17.2% during the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock valued at $343,573,000 after buying an additional 173,975 shares during the period. Manning & Napier Advisors LLC bought a new stake in shares of Public Storage in the 2nd quarter worth about $14,301,000. PGGM Investments boosted its position in shares of Public Storage by 8.0% during the second quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock valued at $48,162,000 after buying an additional 12,396 shares during the period. Finally, Swedbank AB purchased a new position in Public Storage during the 1st quarter valued at $17,465,000. Institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. 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 on the stock. Bank of America lowered 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 note on Monday, August 5th. Morgan Stanley increased their price target on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Wells Fargo & Company lifted their price objective on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Finally, Jefferies Financial Group upped their target price on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $337.00.

Public Storage Stock Up 0.1 %

Shares of NYSE PSA opened at $345.62 on Friday. Public Storage has a 52-week low of $233.18 and a 52-week high of $369.99. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. The company’s 50-day simple moving average is $345.72 and its 200-day simple moving average is $305.21. The firm has a market cap of $60.73 billion, a price-to-earnings ratio of 31.39, a price-to-earnings-growth ratio of 4.84 and a beta of 0.68.

Public Storage (NYSE:PSA) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing the consensus estimate of $4.20 by ($1.54). The firm 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%. Public Storage’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the firm posted $4.28 earnings per share. Equities analysts predict that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid 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 yield of 3.47%. Public Storage’s dividend payout ratio (DPR) 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.