Forsta AP Fonden Boosts Stock Position in Public Storage (NYSE:PSA)

Forsta AP Fonden grew its holdings in Public Storage (NYSE:PSA) by 7.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,200 shares of the real estate investment trust’s stock after purchasing an additional 2,100 shares during the period. Forsta AP Fonden’s holdings in Public Storage were worth $11,717,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in PSA. OFI Invest Asset Management purchased a new position in Public Storage in the 2nd quarter worth about $32,000. Opal Wealth Advisors LLC purchased a new position in shares of Public Storage during the second quarter worth approximately $36,000. Crewe Advisors LLC bought a new stake in shares of Public Storage during the first quarter valued at approximately $39,000. EdgeRock Capital LLC purchased a new stake in shares of Public Storage in the second quarter valued at approximately $39,000. Finally, LRI Investments LLC bought a new position in Public Storage in the first quarter worth approximately $40,000. 78.79% of the stock is currently owned by institutional investors.

Public Storage Stock Performance

Shares of PSA opened at $336.34 on Monday. 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 firm has a market cap of $59.10 billion, a PE ratio of 30.55, a P/E/G ratio of 4.72 and a beta of 0.68. Public Storage has a 12 month low of $233.18 and a 12 month high of $369.99. The stock has a fifty day moving average price of $347.58 and a 200-day moving average price of $307.22.

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 for the quarter, missing the consensus estimate of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The business had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the business posted $4.28 EPS. Public Storage’s revenue was down 1.0% compared to the same quarter last year. Equities research analysts predict that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a yield of 3.57%. Public Storage’s payout ratio is 108.99%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PSA. Morgan Stanley upped their target price on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Wells Fargo & Company upped their price objective on shares of Public Storage from $320.00 to $375.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Citigroup raised their target price on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Scotiabank upped their price target on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Finally, Evercore ISI cut their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $340.93.

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.