Public Storage (NYSE:PSA) Shares Purchased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC boosted its holdings in Public Storage (NYSE:PSA) by 1.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 142,255 shares of the real estate investment trust’s stock after purchasing an additional 2,605 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.08% of Public Storage worth $51,762,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. OFI Invest Asset Management acquired a new stake in Public Storage during the second quarter worth about $32,000. Opal Wealth Advisors LLC acquired a new stake in Public Storage during the second quarter worth about $36,000. Riverview Trust Co acquired a new stake in Public Storage during the first quarter worth about $37,000. Crewe Advisors LLC acquired a new stake in Public Storage during the first quarter worth about $39,000. Finally, EdgeRock Capital LLC acquired a new stake in Public Storage during the second quarter worth about $39,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Trading Down 4.0 %

Shares of PSA opened at $331.85 on Tuesday. The company has a market capitalization of $58.08 billion, a P/E ratio of 31.10, a P/E/G ratio of 4.87 and a beta of 0.68. Public Storage has a one year low of $233.18 and a one year high of $369.99. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a 50-day moving average price of $346.07 and a 200 day moving average price of $305.74.

Public Storage (NYSE:PSA) last released its earnings results 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). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The firm had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the prior year, the business earned $4.28 EPS. The company’s quarterly revenue was down 1.0% on a year-over-year basis. Sell-side analysts forecast that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date of this dividend was Friday, September 13th. Public Storage’s dividend payout ratio is presently 112.46%.

Analyst Ratings Changes

PSA has been the subject of several research analyst reports. Citigroup upped their price target on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Evercore ISI lowered their target price on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Jefferies Financial Group increased their target price on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, 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 research note on Thursday, August 1st. One investment 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. Based on data from MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and an average price target of $340.93.

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.